OSX Brasil S.A. (“OSX”) , a Brazilian publicly held corporation focused in 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, informed its shareholders and the market in general that:

OSX 3 Leasing B.V., a subsidiary of the Company, entered into a Contract of Engineering, Procurement of Materials and Equipment, Construction, Installation and Commissioning (EPCI), regarding FPSO OSX-3 (Floating Production Storage and Offloading), totaling approximately US$ 800 million, with Modec Inc., a world leader in project management for the construction of offshore oil and gas production equipment.

The FPSO OSX-3 will have a production capacity of 100,000 bopd and a storage capacity of 1,300,000 bbls, and is to be delivered in the 3rd quarter of 2013 and leased to our client OGX for 20 years, pursuant to the terms of the Strategic Agreement that exists between the companies.

The execution of OSX´s current order book, which totals around US$ 4.8 billion, is proceeding as planned. Bellow, the status of each of the 7 units that comprise our firm order book is provided:

FPSO OSX-1

At final customization phase at Keppel shipyard in Singapore, after construction was completed at Samsung´s shipyard in Korea. Delivery in Brazil is scheduled for the 3rd quarter of 2011.

FPSO OSX-2

Delivery at the shipyard is scheduled for the 2nd quarter of 2013. In April 2011, the Construction Contract (EPCI) was signed with SBM Offshore, a world leader in project management for the construction of offshore oil and gas production equipment, for the construction of FPSO OSX-2 at a shipyard in Singapore.

FPSO OSX-3

Delivery at the shipyard scheduled for the 3rd quarter of 2013. The Construction Contract (EPCI) was signed with Modec Inc. in the current month of July, for the construction of FPSO OSX-3 at a shipyard in Singapore.

FPSO OSX-4 & OSX-5

Delivery at the shipyard is scheduled, respectively, for the 2nd and 4th quarters of 2014. The tender of the engineering project for the conversion and integration of the two sister VLCCs acquired from Vela International is in place. The integration of FPSOs OSX-4 and OSX-5 will occur in Brazil, inaugurating the operational activities of the OSX Shipbuilding Unit, already licensed and at initial construction phase in the City of São João da Barra, in Rio de Janeiro State.

WHP 1 & WHP 2

Delivery of WHP 1 and WHP 2 at the facilities of Brazilian company Techint is scheduled, respectively, for the 1st and 2nd quarters of 2013. Preparatory activities initiated and subject to the conclusion of the negotiations for the WHPs construction in Brazil, at Techint´s facilities.

“These achievements show OSX´s consistent progress for supplying OGX´s demand for production equipment, as well as in the implementation of the Shipbuilding Unit at the Açu Superport Industrial Complex” stated Luiz Eduardo Guimarães Carneiro, CEO of OSX.

Source: OSX, July 22, 2011;