1. PROJECT UPDATERio de Janeiro | January 2012 |

2. Shipbuilding FPSO OSX-1

3. AU INDUSTRIAL COMPLEXA New Cluster for the Offshore and Heavy Industry GE 90 km Industrial Complex (1.5 x larger than ManhattanManhattan) 90 km Complexo Industrial (1,5x maior que a ilha de Island)

4. UCN AU: LAYOUT Platform construction area Jacket assembly area Module construction area Dry dock and ETS Green Curtain Industrial unit ETA Administrative FPSO buildings Quays Administrative buildings with LEED Electricity Substation Certification (US Green 345 kV 13.8 kV Building Council) 90 km Complexo Industrial (1,5x maior que a ilha de Manhattan)

5. UCN AU: LICENSING SCHEDULE Preliminary InstallationEIA/RIMA Public License License Beginning of Filling Hearings Issuance Issuance Construction P Oct-10 P Jan-11 P Feb-11 P Jun-11 P Jul-11

6. UCN AU: SHIPBUILDING UNIT SCHEDULE PACKAGES PROCUREMENT MOBILIZATION REMOVAL OF VEGETATION 2Q11 P 2Q11 P PREPARATION OF THE TERRAIN 3Q11 P 3Q11 P NORTH QUAY AND JACKETS AREA 1Q12 1Q12 DRY DOCK 1Q12 1Q12 SOUTH QUAY AND RESPECTIVE RETRO AREA 1Q12 1Q12 INDUSTRIAL BUILDINGS 3Q11 P 4Q11 P UTILITIES AND INFRASTRUCTURE 3Q11 P 3Q11 P ADMNISTRATIVE BUILDINGS (LEED) 1Q12 1Q12 AUXILIARY BUILDINGS (NON-LEED) 1Q12 1Q12 ELECTROMECHANICAL ASSEMBLY 1Q12 2Q12 SUPERVISION SUPPORT 2Q11 P 2Q11 P CONSTRUCTION SITE 3Q11 P 3Q11 P BREAKWATER 1Q11 P 1Q11 P DREDGING 3Q11 P 3Q11 P

7. UCN AU: ESTIMATED PARTIAL DELIVERIES UCN Sections (Ready) 2012 2013 2014 AREA 1 FOR ASSEMBLY OF JACKETS 4th QUARTER - - AREA 2 FOR ASSEMBLY OF JACKETS - 1st QUARTER -AREA FOR INITIAL CUTTING OF STEEL PLATES - 1st QUARTER - SLOT 1 FOR FPSO INTEGRATION - 1st QUARTER - SLOT 2 FOR FPSO INTEGRATION - 2nd QUARTER - SLOT 3 FOR FPSO INTEGRATION - 3r d QUARTER - SLOT 4 FOR FPSO INTEGRATION - 4th QUARTER - SLOT 5 AND 6 FOR FPSO INTEGRATION - - 2nd QUARTER COMPLETION OF CONSTRUCTION OF UCN - - 2nd QUARTER

8. UCN AU: FINANCINGFundo da Marinha Mercante (Merchant Marine Fund) Credit facility: 80% CAPEX Total tenor ranging from 18 to 20 years with a grace period of up to 3years and interest rates that vary from US$ + 2% to US$ + 4% per year Lending Agents: BNDES, Caixa Econmica Federal, Banco do Brasil, BNBand Banco da Amaznia

9. UCN AU: FINANCINGCapex distribution per year/activity 14,4% 63,6% 20,1% 1,9% 2011 2012 2013 2014 DESCRIPTION OSX (US$) LLX (US$) DREDGING AND ENGINEERING 93 90 BREAK WATER 135 129 QUAY 262 - BUILDINGS 339 - DRY DOCK 133 - ROADS AND PAVING 146 - EQUIPMENT, ENGINEERING AND ENVIRONMENT 487 - OTHERS 119 - TOTAL OF TOTAL $1.714 $219 US$ 1,933 MM

10. UCN Au:Break Water

11. UCN Au:Construction of the canal

12. UCN Au:Construction of the canal

13. UCN AU: PHOTOGRAPHS OF THE CANAL

14. UCN AU: EARTHWORKS

15. Leasing & Services FPSO OSX-1

16. CURRENT ORDER BOOK STATUS: OGX ESTIMATED CAPEX EQUIPMENT CAPACITY DELIVERY* (US$ MM) FPSO OSX-1 80K bopd 610 3Q 2011 FPSO OSX-2 100K bopd 775 2Q 2013 FPSO OSX-3 100K bopd 800 3Q 2013 FPSO OSX-4 100K bopd 850-900 2Q 2014 FPSO OSX-5 100K bopd 850-900 4Q 2014 WHP-1 30 wells 400-450 3Q 2013 WHP-2 30 wells 400-450 4Q 2013 Total 4,685 - 4,885 * delivery at the shipyard (ex installation)

17. FPSO OSX-1

18. FPSO OSX-1: CUSTOMIZATION

19. FPSO OSX-1: DESTINATION WAIMEA

20. FPSO OSX-1: CREW Total of 89 crew members Age Years of Experience 4% 14% 20 to 30 years 19% 30 to 40 years Less than 20 years28% 40 to 50 years 49% 20 to 30 years 26% 50 to 60 years Greater than or equal to 30 years 32% Greater than or equal to 60 years 28%

21. WHP-1 OSX-2 OSX-2 / WHP-1 SYSTEM OGX MODEL

22. OSX-2 / WHP-1 SYSTEMOSX-2 WHP-1 Milestone Date Milestone Date Arrival of hull at Keppel shipyard (Singapore) 3r d Quarter 2011 Start of construction and assembly 4th Quarter 2011 P&IDs approved for construction 2nd Quarter 2011 Load Out of WHP-1 3r d Quarter 2013 FPSO departure from yard 2nd Quarter 2013 Construction Contract Construction Contract EPCI contract signed with SBM Signing of LOI with Techint 1Q11 Acquisition of VLCC accomplished Start of Engineering 1Q11 Long term debt commitment Contract signed with Techint LOI for Drilling Package signed with TTS Facility agreement entered into lead by ING, Ita-BBA andSantander: US$ 850 million (12 years, LIBOR +4,41% p.a.) Other financial institutions participating in the syndicate : HSBC,Citibank, ABN Amro Bank, Banco do Brasil, NIBC and DnB Nor Debt/Equity structure : 80/20

23. WHP-2 OSX-3 OSX-3 / WHP-2 SYSTEM OGX MODEL

24. OSX-3 / WHP-2 SYSTEMOSX-3 WHP-2 Milestone Date Milestone Date th th Arrival of hull at conversion shipyard 4 Quarter 2011 Start of construction and assembly 4 Quarter 2011 st th P&IDs approved for construction 1 Quarter 2012 Load Out of WHP-2 4 Quarter 2013 rd FPSO departure from yard 3 Quarter 2013 Construction Contract Construction Contract Acquisition of VLCC - accomplished Signing of LOI with Techint 1Q11 EPCI contract signed with MODEC Start of Engineering 1Q11 Contract signed with Techint Long term debt commitment Financing: 1st half 2012

25. FPSO OSX-4Milestones achieved and next steps VLCC sister hulls acquired by OSX in Nov. 2010 : US$ 27 million each FPSO OSXFLEX concept contracted with CKE Consortium (Chemtech, Kromav and Exactum) Close-up Survey of the hulls performed by ShipScan and monitored by Bureau Veritas Milestone Date Preparation Stage: engineering project for Specifications for hull 1st Q2012 conversion of the hulls conversion End of hull conversion 4th Q2012 Integration UCN Au : 2Q2013 marking the start-up of UCN Aus activities Arrival of hull at UCN slot 1 2nd Q2013 Delivery at UCN Au in 2Q2014 Delivery by the shipyard 2nd Q2014

26. FPSO OSX-5Milestones achieved and next steps VLCC sister hulls acquired by OSX in Nov. 2010 : US$ 27 million each FPSO OSXFLEX concept contracted with CKE Consortium (Chemtech, Kromav and Exactum) Close-up Survey of the hulls performed by ShipScan and monitored by Bureau Veritas Milestones Date Preparation Stage: engineering project for conversion of the hulls Specifications for hull repair 2nd Q2012 Integration UCN Au : 3Q2013 marking the start-up End of hull conversion 2nd Q2013 of UCN Aus activities Arrival of hull at UCN slot 2 3rd Q2013 Delivery at UCN Au in 4Q2014 Delivery by the shipyard 4th Q2014

27. UCN Occupation of slots by FPSOs Slot Delivery Arrival of Vessel Delivery by UCN Slot 1: 1Q13 OSX 4: 2Q13 OSX 4: 2Q14 Slot 2: 2Q13 OSX 5: 3Q13 OSX 5: 4Q14 Slot 3 Slot 3: 3Q13 OSX 6: 3Q13 OSX 6: 4Q14* Slot 4 Slot 4: 4Q13 OSX 7: 4Q13 OSX 7: 4Q14* Slot 5Slot 1 Slot 5: 2Q14 OSX 8: 2Q14 OSX 8: 2Q15* Slot 2 Slot 6 Slot 6: 2Q14 OSX 9: 2Q14 OSX 9: 3Q15* * Subject to new orders from OGX

28. ProjectAccelerators

29. PROJECT ACCELERATORSStandardization of Equipment Maximize competitiveness through standardization of production units Reach 70% of standardization of units (plant and deck) Signature of long-term contracts with suppliers Key Systems Sept/11 Other Systems Feb/11 Water injection Water harvesting Cargo handling Compressed air Energy generation Fire Fighting System Gas compression Tubing and Accessories Offloading System Load pump Supervisory System Ballast pumps Anchoring and Turret System

30. PROJECT ACCELERATORSOSX Flex EngineeringAdvantages Modules can be removed without damaging the project Capable of treating a range of oil specifications Potential gain: 5 months in the engineering phaseStatus Contract signed with Chemtech-Kromav-Exactum First OSXflex units: OSX-4 and OSX-5MIN MAX MIN MAX MIN MAX API RGO LDA

31. Partnership Brazil / KoreaITN: Institute of Naval Technology

32. ITN- INSTITUTE OF NAVAL TECHNOLOGYObjectives Qualification of up to 3,100 personnel in 23 functions by the end of 2012 Use of SENAIs facilities and faculty in the city of Campos, as well as mobile units in So Joo da SENAI Maca Barra. Maca in the future Scholarships providing financial assistance, food and SENAI Campos transportation Estimated budget: R$ 12.7 million SENAI So Joo da Barra

33. ITN- INSTITUTE OF NAVAL TECHNOLOGYPhase I: Qualification and Training Approx. City Work force Population distanceSo Joo da Barra 20 Km 6.000 33.000 Campos 40 Km 92. 000 460.000 Radius Up to 50 Km 98.000 493.000 Quissam 75 Km 3000 20.000 So Francisco 95 Km 3.000 41.000 So Fidelis 100 Km 5.000 37.000 Maca 130 Km 113.000 206.000 Radius 2 Up to 150 Km 222.000 797.000 Curriculum planning Adapting the necessary facilities Classes scheduled to commence in 1Q2012 Organization and production of teaching material

34. ITN Phase II: Training at UCN Au 40 specialists from Hyundai based in Brazil for 5 years 50 employees from UCN Au to be trained at Hyundais shipyard in Ulsan, South Korea (4 groups from August 2012 through April 2014) Construction of ITN at UCN Au, with an area of approximately 1.800 m2 Facilities for workshops, labs, classrooms, auditorium and library Implementation of systems for simulation of operations and offshore units

35. Phase III- Supply Chain Strengthening Identification of suppliers that have the potential to develop new materials, equipment, and innovative work methodologies, focused on OSXs potential demandPhase IV- Technological Innovation Establish partnerships with Brazilian and international academic institutions, focused on the development and assimilation of new technologies

36. Next Milestones First Oil OGX January 2012 Beginning of construction: WHP-1 and WHP-2 Financing: OSX-3, WHP-1 and WHP-2 Contract shipyard to convert the OSX4 and OSX5 hulls Shipyard financing contract (Merchant Marine Fund) New orders from OGX Orders from third parties

37. RI@OSX.COM.BR+55 21 2555 6914