OSX Brasil Announces Plan of Activities for 2011-2015

OSX Brasil S.A., a brazilian publicly held corporation focused on the supply of equipment and services to the offshore oil and gas industry, through integrated operations in shipbuilding, chartering of exploration and production (E&P) units, and operation and maintenance (O&M) services, informs of its Plan of Activities, to be implemented by its subsidiary OSX Construção Naval S/A, for production of offshore oil and gas E&P equipment at its Açu Shipbuilding Unit (“UCN Açu”) up to 2015, in view that the construction of the UCN Açu has now begun.

This plan of OSX is designed to combine:

• The work to construct the largest shipyard in the Americas, in partnership with the world-leading shipbuilding company Hyundai Heavy Industries, in the city of São João da Barra, Rio de Janeiro state;

• Satisfaction of priority demand for oil and gas exploration and production equipment for our anchor customer, OGX Petróleo e Gás; and

• Satisfaction of potential additional demand from new customers in the offshore E&P sector in Brazil. UCN Açu has a total area of 3.2 million of which 2.55 million m2 will be used in the first phase of development.

This phase includes the possibility of integrating up to 6 FPSOs and building up to 8 fixed platforms (WHPs) simultaneously, making use of processing capacity of up to 220 thousand tons of steel per year and a dry dock measuring 480 meters in length, 130 meters in width and 11 meters in depth.

OSX has capacity to deliver up to 10 FPSOs and 11 WHPs by 2015 to OGX, depending only on confirmation of some orders. Of this number of offshore units, 7 FPSOs and 9 WHPs will be built at UCN Açu, according to the Company’s operational plan.