2007
Views

OSX Brazil to Build 2nd FPSO Oil Platform with Single Buoy Moorings Inc. for $775 Million

Published Mar 30, 2011 11:43 AM by The Maritime Executive

OSX Leasing, a subsidiary of OSX, an EBX Group company, entered into a Letter of Intent with SBM Offshore (Single Buoy Moorings Inc Offshore), to start project activities for the engineering, procurement, construction, and installation (EPCI) of FPSO OSX-2 (Floating Production Storage and Offloading vessel), to be chartered and operated by OSX to its client OGX for 20 years in the Campos Basin, in Rio de Janeiro State.

The FPSO OSX-2 will have oil production capacity of 100.000 bopd, storage capacity of 1.300.000 bbls and total estimated CAPEX of US$ 775 million, as it shall be provided for in the relevant EPCI definitive agreement currently in negotiation between OSX and SBM.

After the EPCI signature, the chartering of FPSO OSX-2 shall be contracted between OGX and OSX, providing for an average daily rate around US$ 290.000,00, with oil production start-up expected for mid of 2013.

The banks ING Bank N.V. and Santander (Brasil) S.A. were mandated joint lead arrangers for the financing of up to 80% of the total CAPEX of FPSO OSX-2.

“This initiative reaffirms OSX´s commitment to supply our clients with integrated solutions of equipment and services for the offshore oil and gas industry, contributing for the development of the production of the oil and gas that are being discovered in our country”, stated Luiz Eduardo Carneiro, OSX´s CEO.

About OSX
OSX provides equipment and services for the offshore Oil & Gas industry, by means of integrated operations in shipbuilding, chartering of exploration and production (E&P) units, and operation and maintenance (O&M) services. Originated to supply the industry's demand for integrated service solutions to the oil & gas fields, OSX also aims to secure OGX's production plan by providing integrated offshore services. OGX, an EBX Group Company that achieved an important position in the Brazilian E&P sector, estimates a demand of 48 production units equivalent to an orderbook of US$ 30 billion, to support its growth over the next 10 years.

_____

PICTURED: OSX FPSO 1