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CORPORATE PRESENTATION
Rio de Janeiro | April 2013 |
ORGANIZATIONAL STRUCTURE
2
EBX FREE FLOAT
OSX SERVIÇOSOSX LEASING
Integrated offshore E&P equipment and services provider
78.23%78.23% 21.77%21.77%
HoldingHolding
90%90% 100%100% 100%100%
10%10%
HYUNDAI
Shipbuilding Unit Leasing Services
Controlling Shareholder & Management*
* Represented through Centennial Asset Mining Fund LLC. , Eike Batista (indirectly owns 100% of Centennial Asset Mining LLC), Board of Directors and Board of Executive Officers * Represented through Centennial Asset Mining Fund LLC. , Eike Batista (indirectly owns 100% of Centennial Asset Mining LLC), Board of Directors and Board of Executive Officers
OSX PILLARS
3
Attractive Market Conditions in Brazil
Local Content Requirement
Demand from OGX
Strategic Partnership with Hyundai
Incentivized and Experienced Management Team
More than 30 years experience, on average, in the E&P sector US$ 30bn in projects and more than 50,000 people under management
Approximately 70% of E&P industry capex supplied locally Key for Brazil’s long-term social and economic development (285,000 jobs in 5 years)
Priority Rights between OSX and OGX
Partnership with the largest shipbuilder in the world State-of-the-art technology and transfer of know-how Construction of the largest shipyard of the America's in the Açu Superport Industrial
District
Expected oil and gas resources to increase to 100 Bboe, with announced investments of US$ 140bn plus
Underserved domestic equipment & services market
Training (ITN)
ITN –Institute of Naval Technology , partnerships with technical institutions and universities
Absorption and application of Korean technology Qualification of 3,100 technical personnel until 2013
ORGANOGRAM: EXPERIENCED & MOTIVATED TEAM
Paulo Ricardo (28)Exploration Campos & ES
Roberto Toledo (31)E&P Laboratory
Celso Martins (34)Onshore Basin
Ernani Porsche (33)International
Carlos Bellot (34) CEO
Environment, Health and Safety
Heraldo Albuquerque (27)
Danilo Baptista( 35)Shipyard Operations Officer
Ricardo Abi-Ramia (24)Operations, Engineering,
Leasing and Developing Officer
Luciano Porto (21) Chief Legal Officer
João Borges (20)Chief Financial Officer and Investor Relations Officer
xxxxx
Ivo Dworschak (35)Shipbuilding Unit
Management PlanningHeleno Barbosa (33)
4
Commercial DepartmentRodrigo Lopes (25)
Recursos HumanosMonica Barbosa
Anna Kac (34)Engineering
Arnaldo Arcadier (34)Construction, Assembly
and Integration
Contratos e Afiliadas
Adilson Araújo (29)Contracts & Affiliates
Francisco Crisostomo (35)Operation & Production
Antonio Maceiras (34)Training /ITN
More than 50 engineers with an average of 26 years experience
Total OSX employees: approx. 1.168Total employees involved in the
operations: approx. 4,451
Regina Ozorio (31)Rig Ventures
(xx) Years of experience
LOCAL CONTENT: RATIONALE AND EVOLUTIONRepresents a social & economic development strategyHas increased significantly in recent ANP bidding rounds
Notable Companies Committed to Local Content
5
Local Content Requirement
■ Definition: minimum percentage of equipment and services contracted by the operator that must be supplied by local companies
■ Average of 70% in the production development phase
■ Component of the bid for acquisition of E&P Blocks
■ Certification of each item by inspection companies (guidelines set forth by Federal Government – MME)
■ Subject to severe penalties
Local Content Rationale
■ Boost local oil & gas equipment and services industry
■ Incentivize local technology development
■ Substantially increase employment and income
Local Content Evolution
Source: ANPNote (1) 8th ANP bidding round auction is still under discussion
25%
42%
28%39%
79%86%
74%69%
79%
27%
48%40%
54%
86%81%
77%84%
1st 2nd 3rd 4th 5th 6th 7th 8th (1) 9th 10th
Exploration Phase
Development Phase
BRAZILIAN SHIPYARDSLocal shipyards are not prepared to serve expected offshoreE&P equipment demand
Main Shipbuilders in Brazil
EAS ERG Brasfels Mauá MacLaren
1,6 0,5 0,5 0,4 0,1
160 60 50 36 6
Current Conditions of Brazilian ShipyardsMac Laren
Brasfels
Mauá
“A construction slot in OSX’s shipyard is worth more than gold” Source: Verax 6
Committed Slots
Site Area (km2)
Technology Partner
Steel Processing Capacity(Kton / year)
Focus on Offshore Equipment
Logistics
Labor Force
SHIPBUILDING UNIT
LOCALIZAÇÃO UCN AÇU: SUPERPORTO DO AÇUA One-Stop Shop for the Oil & Gas Industry
8
AÇU SUPERPORT
COMPLEXO INDUSTRIAL DO AÇUA New Cluster for the Offshore and Heavy Industry
AÇU INDUSTRIAL COMPLEX
90 km² Industrial Complex (1.5 x larger than Manhattan Island) 9
UCN AÇU: THE LARGEST SHIPYARD OF THE AMERICASPartnership with Hyundai Heavy Industries
Steel assembly capacity of 220,000 ton/year
Up to 3,525 m water front (2,400 m in first phase)
Beginning of construction in July 2011
Commercial partnership with Hyundai
Capacity to integrate up to 11 FPSOs and 8 WHPs simultaneously
10
Main entrance
Office buildings
Production workshops (manufacturing ofblocks, structures, accessories and pipes)
Industrial facilities
Module assembly area
Jacket pre-assembly area
Jacket assembly area
Dry Dock
Quay
Quay Expansion
ALMAGESTO MANAGEMENT SYSTEM
Main processes*: Project “Almagesto” :
Instrumentalization of Shipbuilding main processes
and systems
Globally unprecedented systems integration in the
naval construction sector (partnership with SIX).
Project benefits:
Reduce errors in transmission of information
Reduce stock and waste
Production and productivity real time
information
Precise allocation of production costs
*Illustration only 11
Focus on management processes
Planning & Programing
Engineering
Materials & Logistics
Processes and Managerial
Information
Construction & Assembly
Manufacturing
Acquisitions
Maintenance & Facilities
EHS/EBP
Commissioning
UCN AÇU: FINANCINGObtained from Fundo da Marinha Mercante (Merchant Marine Fund)
Credit facility already contracted: R$ 2.7 bn
Total tenure 21 years with a 42/36-month
grace period for amortization of principal and
36/30-month grace period for payment of interest
(BNDES/CEF) with an expected average interest
rate US$ + 3,38% a.a.
Additional funding prioritization of up to R$
1.5 bilion approved by FMM
Lending agents: BNDES and Caixa Econômica
Federal (CEF)
2011 2012 20142013
41.3% 47.2% 3%8.5%
Capex distribution per year/activity
TOTAL OF APPROX.R$ 4.8 BN
12
UCN AÇU: AERIAL VIEW
13
UCN AÇU: AERIAL VIEWEvolution of the construction of the canal
November | 2011 January | 2012 March | 2012 May | 2012
July | 2012 September | 2012 November | 2012 January | 2013
14
UCN AÇU: AERIAL VIEW
15
Aerial view of the canal: March 2013
Box indicates where operation is set to start in the beginning of 2013
UCN AÇU: CONSTRUCTION OF THE CANAL
16
Aerial view of the canal: March 2013
UCN AÇU: BUILDINGS
17
UCN AÇU: QUAY AND BUILDINGS
18
Pre-treatment & Cutting and Sub-production Workshops North quay area
Bending & Line Heating Workshop Steel Outfitting Workshop
FPSO
WHP
Drillship
PLSV
Tanker
TLWP
Floating, Production, Storage and Offloading Unit
Fixed drilling & production platforms ( Wellhead Platform)
Drilling units heavily demanded for ultra-deep water’s Maritime Transportation Unit
Tension-Leg Wellhead PlatformPipe-Laying Support Vessel
PRODUCT PORTFOLIO
19Image courtesy of Hyundai Heavy IndustriesImage courtesy of IHC Offshore&Marine B.V.
Image courtesy of Hyundai Heavy IndustriesImage courtesy of Hyundai Heavy Industries
Image courtesy of Hyundai Heavy Industries
FPSO OSX-1 : Guanabara Bay, RJ, Brazil
UCN Açu designed and equipped to meet diverse orders
UCN AÇU: START OF OPERATION IN THE BEGINNING OF 2013
20
Beginning of construction of the Sapura PLSV
Main highlights:
Beginning of operation at UCN Açu – North quay area (150m of
quay)
Project in partnership with IHC
Vessel blocks built in the UCN Açu and at Brazilian shipyards
Main equipment packages contracted and under construction
(Navigation and Communication, Generation and Propeller,
Electrical system and Launching)
Lloyd’s Register contracted to monitor and certify the
construction
Construction milestones:
Beginning of construction (1H13)
Load out (1Q14)
Quay tests and sea trials (4Q14)
PLSV positioned by the Super Crane over blocks
Packages integration and tests performance on the PLSV
1
2
ORDER BOOK
CURRENT ORDER BOOK
22* Delivery at the shipyard (ex-installation)1- OSX with a 49% stake of total contract
CLIENT UNIT CAPACITYESTIMATED PRICE
(US$ MM)DELIVERY*
CONSTRUCTION LOCATION
OSX LEASING & SERVICES
OGX FPSO OSX- 1 80K bopd 610 OK SAMSUNG, KOREA
OGX FPSO OSX- 2 100K bopd 775 3Q13 KEPPEL, SINGAPORE
OGX FPSO OSX- 3 100K bopd 800 3Q13 J URONG, SINGAPORE
OGX FPSO OSX- 4 OSX, BRAZIL
OGX FPSO OSX- 5 OSX, BRAZIL
OGX WHP- 1 30 wells 400- 450 2Q14 TECHINT, BRAZIL
OGX WHP- 2 30 wells 400- 450 4Q13 TECHINT, BRAZIL
OGX WHP- 3 OSX, BRAZIL
OGX WHP- 4 OSX, BRAZIL
SAPURA PLSV N/A 263 4Q14 OSX, BRAZIL
KINGFISH 11 MRs N/A 732 2Q15 - 4Q17 OSX, BRAZIL
PETROBRAS 2 FPSOs 150K bopd 900¹ 3Q16 - 3Q17 OSX, BRAZIL
Expecting Technical Specifications from Client
Expecting Technical Specifications from Client
Expecting Technical Specifications from Client
Expecting Technical Specifications from Client
P
PPPPPP
PP
FPSOs
FPSO OSX-1: HIGH OPERATIONAL EFFICIENCY
Operational Efficiency (OSX Services)
24
Leasing and O&M contracts with OGX for a period of 20 years
1st oil produced on 31/Jan/12 & 1st offloading on 28/Mar/12
Age (crew) Years of experience (crew)
OHSAS 18001: Health and Safety Systems in the workplace
Certifications
Certified by BSI (British Standard Institution)
ABNT NBR: ISO 14001 Environmental Management
ABNT NBR: ISO 9001 Quality Management
* Includes Operational Efficiency results for months of February and March only
*
25
Construction Contract
■ EPCI contract signed with SBM
■ Construction of the vessel, turret and
topside modules at the Keppel shipyard in
Singapore
■ Lifting and installation of all modules
concluded
■Bare Boat contract signed between OSX &
OGX
■ Physical progress: approximately 90.53%
■ Estimated delivery: 3Q13
Debt commitment
■ Facility agreement: US$ 850 million (12 years, LIBOR +4,41% p.a.)
■ Syndicated bank loan: ING, Itaú-BBA and Santander (leaders), HSBC,
Citibank, ABN Amro Bank, Banco do Brasil, NIBC and DnB Nor
FPSO OSX-2Leasing and O&M contracts with OGX for a period of 20 years
26
FPSO OSX-3Leasing and O&M contracts with OGX for a period of 20 years
Construction Contract
■ EPCI contract signed with MODEC
■ Conversion and construction of the hull at the
Jurong shipyard in Singapore
■ Lifting and installation of all modules concluded
■Integration of turret head with chain table module
concluded
■Physical progress: approximately 90.42%
■ Estimated delivery: 3Q13
Debt commitment
■ Financing: Senior Secured Bonds US$ 500 mm, maturity
March/2015 at an interest rate of 9.25% pa, payable quarterly
■ Global Coordinator, Joint Lead Manager and Bookrunner:
Pareto Securities and Joint Lead Manager and Bookrunner: DNB
Markets
FPSOs OSX-4 & OSX-5
27
Hull designated for OSX-4 Hull designated for OSX-5
Milestones achieved and next steps
The “Gemini Star” and “Suhail Star” Very Large Crude Carriers (VLCCs) will be used in the conversion of the hulls of FPSOs OSX-4
and OSX-5. The Concept Design, Front End Engineering Development (FEED), and Detailed Design for the Process Plants are
following the OSX FLEX Concept. As informed in the previously mentioned order book, OSX awaits technical specifications from its
client OGX regarding characteristics of these units.
Regarding FPSO OSX-4:
■Basic engineering project concluded
■Generator’s and water injection modules with purchase orders placed
■Remaining main equipment’s and services with purchase orders under negotiation
■Hull survey completed
PETROBRAS CONTRACT: 2 REPLICABLE FPSOsIntegration of FPSOs P-67 and P-70, with an option to integrate P-72 or P-73
Main highlights:
Contract signed on 09/Aug/2012
Contract price: ~US$ 900 million
Partnership Mendes Júnior Trading e Engenharia S/A (51%) & OSX Construção Naval S/A (49%)
Scope: Integration and construction of various modules at the OSX Açu Shipbuilding Unit
Delivery date:
P-67: 3Q 2016
P-70: 3Q 2017
Option to contract the integration of the third FPSO (P-72 or P-73) in up to 18 months from contract
signature by Petrobras, through its subsidiary TUPI B.V.
Processing capacity: 150K bopd
Storage capacity: 1.6MM bbl
28
WHPs
30
WELL HEAD PLATFORMS
WHP-1 and WHP-2
■ Engineering, Procurement, Construction and Installation (EPCI) agreement with Techint Engenharia e Construção S.A. for WHP-1
and WHP-2 to be chartered and operated by subsidiaries of OSX to its client OGX in the Campos Basin. WHP-1 will be connected to
FPSO OSX-2 and WHP-2 to FPSO-OSX-3
■ Development of the Basic Project for the jacket and topside by TECHNIP, subcontracted by TECHINT. Contract signed with
Techint
■ Acquisition from TTS/CAMERON of a Drilling Package Unit (DPU) for each of the Units. Project underway.
■ Estimated delivery WHP-1: 2Q 2014
■ Estimated delivery WHP-2: 4Q 2013
WHP-3 and WHP-4
■ Both WHPs were ordered by client OGX to be chartered and operated by OSX subsidiaries. WHP-3 will be connected to FPSO
OSX-4 and WHP-4 to FPSO-OSX-5. As informed in the previously mentioned order book, OSX awaits technical specifications from its
client OGX regarding characteristics of these units.
PLSV
SAPURA CONTRACT: PIPE-LAYING SUPPORT VESSELUsed for laying and installing flexible pipelines on the seabed
Milestones:
Contract signed on 24/Feb/2012
Contract price: US$ 263 million
Delivery date: 4Q 2014
Main characteristics:
Length: 135 meters
Breadth: 24 meters
Depth: 10 meters
Flexible lines traction capacity : 300 tons
Flexible lines capacity: 2,500 tons
Deadweight: 5,880 tons
32
TANKERs
KINGFISH CONTRACT: 11 MEDIUM RANGE TANKERSUsed for transportation of oil and clear products
Milestones:
Contract signed on 9/Mar/2012
Contract price: US$ 732 million
Delivery date: 2Q 2015 - 4Q 2017
Main characteristics:
Total length: 183 meters
Breadth: 32.20 meters
Depth: 18 meters
Deadweight : 47,000 tons
34
PARTNERSHIP BRAZIL / KOREA
ITN: INSTITUTE OFNAVALTECHNOLOGY
ITN- INSTITUTE OF NAVAL TECHNOLOGYProfessional Training Program in Shipbuilding
PHASE I Qualification and Training
PHASE II Training “on the job”
Training activities, technical assistance and supervision of operations in partnership with Hyundai (40 Korean specialists based in Brazil for 5 years)
80 employees from UCN Açu to be trained at Hyundai’s shipyard in Ulsan, Korea (first group of 22 employees sent in November/12)
Construction of ITN at UCN Açu, with an area of approximately 1,800 m2
Facilities for workshops, labs, classrooms, auditorium and library
Implementation of systems for simulation of operations of offshore units
PHASE III Supply Chain Strengthening
Identification of suppliers that have the potential to develop new
materials, equipment and innovative work methodologies, focused on
OSX’s potential demand
PHASE IV Technological Innovation
Establish partnerships with Brazilian and international academic
institutions, focused on the development and assimilation of new
technologies 36
CityApprox. distance
Work force Population
São J oão da Barra 20 Km 6,000 33,000
Campos 40 Km 92. 000 460,000
Radius Up to 50 Km 98,000 493,000
Quissamã 75 Km 3000 20,000
São Francisco 95 Km 3,000 41,000
São Fidelis 100 Km 5,000 37,000
Macaé 130 Km 113,000 206,000
Radius 2 Up to 150 Km 222,000 797,000
Qualifying the local population
ITN- INSTITUTE OF NAVAL TECHNOLOGYPhase I - Qualification and Training
37
More than 19 thousand candidates applied for
3,100 places in 23 free courses offered in Metal-
Mechanics, Electricity, Metallurgy,
Automation/Instrumentation, O&G, Automotive
Operations, Civil Construction and Management
Use of SENAI’s facilities and faculty in the city of
Campos, as well as mobile units in São João da
Barra
Scholarships providing financial assistance, food
and transportation
Investment in training: R$ 12.7 million
Classes began in June, 2012
880 students being qualified
221 students graduated in the ITN courses with
193 already hired and being trained at the
shipyard
Students visiting UCN Açu Students in a welding class
Student of the electrical class Graduation Ceremony of 1st class
38
FINANCIAL PERFORMANCER$ 40.1 MM EBITDA in 2012
In millions of BRL2012 2011
Gross Revenue - -
Taxes - -
Net Revenue - -
COGS - -
Op. Income - -
G&A (51.0) (46.6)
EBITDA (51.0) (46.6)
OSX Brasil S.A.
2012 2011 2012 2011 2012 2011
Gross Rev 73.2 - Gross Rev 203.9 51.6 Gross Rev 171.7 102.6
Taxes - - Taxes - - Taxes (15.0) (10.0)
Net Revenue 73.2 - Net Revenue 203.9 51.6 Net Revenue 156.7 92.6
COGS (65.9) - COGS (14.9) (7.6) COGS (128.2) (73.8)
Op. Income 7.3 - Op. Income 189.0 44.0 Op. Income 28.5 18.8
G&A (111.3) (54.3) G&A (5.0) (1.5) G&A (17.4) (10.4)
EBITDA (104.0) (54.3) EBITDA 184.0 42.5 EBITDA 11.1 8.4
Shipbuilding Leasing O&M Services
2012 2011
Gross Rev 448.8 154.2
Taxes (15.0) (10.0)
Net Revenue 433.8 144.2
COGS (209.0) (81.4)
Op. Income 224.8 62.8
G&A (184.7) (112.8)
EBITDA 40.1 (50.0)
Consolidated
+55 21 2163 9239
RI@OSX.COM.BR
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