Brazilian Shipbuilder OSX Files for Bankruptcy Protection

OSX Brasil S.A. a Brazilian publicly held corporation which provides equipment and services to the  offshore oil and natural gas industry, with integrated operations in shipbuilding, leasing of  exploration and production (E&P) units and operation and maintenance services (O&M),  hereby informs its shareholders and the market that, the Company has filed today a judicial  recovery request, together with its subsidiaries OSX Construção Naval S.A. and OSX Serviços  Operacionais Ltda.

The filing has been made at the Courts of the City of Rio de Janeiro,  pursuan to pursuant to Law No. 11.101/05, on an urgent basis, after resolution taken by its  Board of Directors on a meeting held on November 08, 2013, in order to preserve the value
of the Company, and to protect the interests of its shareholders, employees and lenders. In addition, OSX announces that it has terminated all agreements entered into with its client  OGX Petróleo e Gás S.A. (“OGX”), related to the charter and operation of the FPSO OSX-2  unit and the leasing of the WHP-2 platform, due to, among other reasons, the judicial  recovery request filed by OGX and its controlling shareholder, OGX Petróleo e Gás  Participações S.A., and the lack of confirmation by OGX in regard to the continuation of the  WHP-2 platform project development.

As a result of the termination of such agreements, OSX shall pursue all of its legal rights in  order to receive indemnification payments provided for in the corresponding agreements and  in the applicable law.
OSX reaffirms that other commercial agreements executed by OSX and the client OGX and its subsidiaries, establishing the use, by the client OGX, of production platforms owned by OSX are still in force, and OSX is in contact with such client in order to guarantee the accomplishment or optimization of such agreements, in accordance with Company’s best interests.

Any additional information about the judicial recovery request, as well as other relevant material information, will be opportunately disclosed, according to the applicable legislation.

Press Release, November 12, 2013

 

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