OSX Receives VLCC Vessel To Be Converted Into FPSO OSX-4

OSX Brasil S.A. ("Company" or "OSX"), a Brazilian company engaged in the equipment and services sector for the offshore oil and gas industry, by means of integrated operations in shipbuilding, chartering of exploration and production (E&P) units, and operation and maintenance (O&M) services, announces to its shareholders and the market in general, that:

OSX Leasing Group B.V., a subsidiary of the Company, received today in Kalba, United Arab Emirates, the VLCC (Very Large Crude Oil Carrier) vessel "Suhail Star", thus concluding the acquisition of the second of the two VLCC sister-vessels purchased from Vela International Marine Limited, as disclosed in the Release of November 17, 2010 (OSX enters into contracts for the acquisition of two VLCC vessels for conversion into FPSOs OSX-3 and OSX-4).

The first vessel was delivered to OSX Leasing Group B.V. on January 13, 2011, as previously reported in the Release of such date.

The Company intends to use the hulls of such VLCC's for future conversion into FPSOs OSX-3 and OSX-4, which are to be chartered and operated by OSX subsidiaries, pursuant to its business plan.

The acquisition of such two sister-vessels is aligned with OSX's standardization policy for FPSO conversion projects, contributing to the optimization of construction terms and costs. OSX continues to work focused on its mission of providing integrated solutions of equipment and services for the development of the oil and gas production in Brazil.


For more information, www.osx.com.br/ir.