Rio de Janeiro January 31st, 2014

Roberto P. P. Ramos

CEO

Norwegian Brazilian Chamber of Commerce and Swedecham

Responsible  for  providing  the  Organization’s  strategic  direction  and  maintaining  its  cultural  and  philosophical  unity,  Odebrecht  S.A.  seeks  to  improve  the  companies’  entrepreneurial  practices,  to  promote  people’s  growth  and  to  develop  and  offer  political  and strategic support to all of its subsidiaries.

60’s 50’s 70’s 40’s 80’s 90’s 00’s

Norberto Odebrecht creates the

own company

First contract with

Petrobras

(Catu-Candeias pipeline)

Fundação Odebrecht is

created (1965),

Regional

expansion

Domestic Expansion and

beginning of Internationali-zation process

Internationali-zation and

Diversification in the Oil Market

Main actor in the petchem

privatization process

Overseas expansion, petchem

consolidation and beginning of business

diversification

2004 - 2012 Diversification New Developments

2009 - 2012 Long Term Partnership

• Founded in 1944, the Odebrecht Group is one  of  Latin  America’s  largest  corporate  groups  and  Brazil’s  third  largest  privately  owned group (2011)

• Leading construction company in Latin America with presence in Africa

• Leader in the thermoplastic resins industry in Latin America and the 8th largest producer in the world

• Investments in transportation and logistics, biofuel, energy and infrastructure areas

• Brazil’s  largest  private  company  in  the  water  & sewage treatment segments – Odebrecht Ambiental

• Real estate focused on low-income households and selective luxury developments – Odebrecht Realizações Imobiliárias

• Integrated service provider to the upstream Oil & Gas Industry – Odebrecht Oil & Gas

Gross Revenues (2012)

EBITDA (2012) USD4.1 billion USD41.3 billion

Chemicals & Petrochemical

38% Odebrecht 36% Petrobras

26% Other

Oil & Gas Services 81.43%

Odebrecht 13.57% Temasek

5.0% Gávea

Integrated Defense Systems

100% Odebrecht

Shipyard

35% Odebrecht 30% Kawasaki

17.5% OAS 17.5% UTC

Real Estate Development &

Construction

85% Odebrecht 15% Gávea

Engineering & Construction

100% Odebrecht

Roads and Logistics

Concessions 70% Odebrecht 30% FI-FGTS

Energy Investments

100% Odebrecht

Investment & Management of

Real Estate Assets

100% Odebrecht

Ethanol and Bioenergy

52% Odebrecht 48% Other

Water, Sewage &

Waste Management 73% Odebrecht 27% FI-FGTS

Investments in Infrastructure

100% Odebrecht

United States

MOZAMBIQUE

ARGENTINA

MEXICO

PORTUGAL

PERU

ECUADOR COLOMBIA

PANAMA

REPÚBLICA DOMINICANA

UNITED ARAB EMIRATES

ANGOLA

GHANA

SOUTH KOREA

UNITED KINGDOM

VENEZUELA

Operating in 25 countries 34 years of international presence

GERMANY

URUGUAY

PARAGUAY

CUBA

BRASIL

AUSTRIA

GUATEMALA GUINEA

LIBYA

21 28

119

77

176

124 159

124

2002 2012 2011 2010

Brazil Total

Number of members (thousand)

190

127

2013

41 42 54

71 84

Gross Revenue (R$ bi)

4,7 4,4 6,2

7,1 8,3

42 47 75

96 122

Total Assets (R$ bi)

5 7

16 18

19

Net Equity (R$ bi)

2.0x 1.8x

2.9x 3.8x

EBITDA (R$ bi)

Odebrecht Oil & Gas provides integrated solutions for the upstream oil and gas industry, in Brazil, and selectively in Angola, Venezuela, Argentina and Mexico, both in the investment phase and operations, in the segments of Offshore Drilling, Subsea, Offshore Production and Logistics, Offshore Maintenance and Services, Well Services and E&P Management, with a focus on operational excellence and adding value for Clients and stockholders.

Leader in the Brazilian ultra-deepwater drilling market (water depths up to 3,000 m) and the fifth In the world.

Integrated business model, focusing on deepwater including the pre-salt.

Latest generation assets.

Long-term contracts.

Focus on the best performance indicators and Sustainability.

The only Brazilian company in the Subsea market. Team with proven industry experience.

More than 30 different nationalities

9 Brazilians Foreigners Total Expatriates

USA 4

BRAZIL 3.097

VENEZUELA 19

AUSTRIA 5

SOUTH KOREA 12

(December/ 2013)

Chartering, operation of Pipeline Launch Units, SURF Projects, manufacture and installation of equipment.

Chartering and operation of Floating Production and Support Units.

Integrity Management Services, Inspection. Offshore Asset Installation, Maintenance and Engineering.

Chartering and drilling operations for ultra-deepwaters.

Provision of Specialized Oil and Gas Well Services.

E&P Management Services.

1977

Start of operations in the offshore industry.

1979

First private Brazilian company to provide offshore drilling services to

Petrobras.

1997

Starts operating FPSO NSP in the Northern Sea through a joint venture with Maersk.

NORBE VIII and NORBE IX contracts

2006 2008 Operation at Bacia de Campos Creation of Odebrecht Oil & Gas

NORBE VI contract

2010 ODN I and ODN II Contracts 1st round of private placement: partnership with Temasek

2011

ODN Delba III and ODN Tay IV contracts Reinforcement of Odebrecht Oil & Gas position in Subsea: With two PLSVs through a partnership with Technip Strengthening the position in production with FPSO Cidade de Itajaí through a partnership with Teekay 2nd round of private placement: partnership with Gávea

2012

Five rigs under construction in Brazil with minor participation in Sete Brasil

In 1979, the Odebrecht Group began to operate in the shallow water offshore drilling segment, and up to  late  90’s,  in  deepwater. Since 2011 Odebrecht Oil & Gas has been operating seven state-of-the-art drilling units for Petrobras: Three semi-submersible drilling rigs (NORBE VI, ODN III e ODN Tay IV) and four drillships (NORBE VIII, NORBE IX, ODN I e ODN II).

JV between Odebrecht Oil & Gas and Maersk, which has been operating a FPSO in the North Sea since 1997, in the exploration of the MacCulloch Field, for ConocoPhilips. Contract renewed until 2020.

JV between Odebrecht Oil & Gas and Teekay Petrojarl, which has been operating a FPSO in Brazil since 2013, in the exploration of the Baúna e Piracicaba Field. Capacity: 80.000 barrels of oil/day, compression of 2 million m³ of gas. Chartered by Petrobras for an initial period of 9 years.

JV between Odebrecht Oil & Gas and Technip to build and operate two flexible pipe lay vessels (PLSV TOP Coral do Atlantico and PLSV TOP Estrela do Mar). Capacity: laying flexible with up to 550 ton tension in water depths down to 2,500m. Start of operations: 2014 (TOP Coral do Atlântico) and 2015 (TOP Estrela do Mar). Beyond these two projects, OOG was awarded with service contract in Polar Onyx PLSV foreseen to be operational in 2Q2014.

Engineering Projects Pipe Shop

Warehouse Offshore Services

Odebrecht Oil & Gas is working to be the first customer choice, looking at new markets and selectively offer a wide range of services. The support of this strategy is based on synergy presence of the Organization in those places where we intend to expand our operations with selectivity and materiality.

Internationalization

Angola/Mexico/Venezuela/Argentina Odebrecht has more than 20 years with several businesses

including E/P presence with Maersk in Block 16 (Angola) Odebrecht through Braskem is leading the highest

investment in Mexico (Ethylene XXI project) Angola and GoM be part of Golden Triangle (UDW)

Well Services and E/P Management Mature oil fields in Venezuela require continuous service to

maintain the production level Services applied to unconventional is under our radar as well

Customers Diversification

Drilling, Subsea Well Services and Maintenance Increase the customers portfolio beyond Petrobras All IOCs with presence in Brazil and other countries are potential Odebrecht Oil & Gas customers

Technology Partnership

Identify and select the best technological option to be part on our service portfolio offering the best services for markets where Odebrecht Oil & Gas are acting or intend to do

Interest Areas Well Services Maintenance Offshore PLSVs FPSOs Subsea Pipelines

Subsea Inspection & Maintenance

Composed of ultra-deepwater rigs

NORBE VI NORBE VIII NORBE IX ODN I

ODN II ODN Delba III ODN Tay IV ONDINA

PITUBA BOIPEBA INTERLAGOS BOTINAS

FPSO NSP FPSO CDI

PLSV TOP Coral do Atlântico

PLSV TOP Estrela do Mar

UNDER CONSTRUCTION

UNDER CONSTRUCTION UNDER CONSTRUCTION UNDER CONSTRUCTION UNDER CONSTRUCTION UNDER CONSTRUCTION UNDER CONSTRUCTION

PLSV Polar Onyx

A US$5.2 billion investment

Rio de Janeiro

Campos

Macaé

Last position on Oct 2013

NORBE VI

ODN Delba III

ODN Tay IV

NORBE IX

ODN II

NORBE VIII

Santos Basin

Campos Basin

Papa Terra Field

Albacora Field

Jubarte Field

Franco Field

Xerelete Field

ODN I Caratinga Field

Roncador Field

FPSO Cidade de Itajaí

Aberdeen, UK

FPSO NSP

MacCulloch Field North Sea

Baúna e Piracicaba Field

Santos

São Paulo

In 2010, Odebrecht Oil & Gas designed its Educational, Training and Development Program, called Embarcar. It is designed to empower and enhance the skills of its Members, maximizing the safety, health and efficiency of their operations. The financial investment committed to the Embarcar Program in 2012/2013 is about USD 4 million.

Odebrecht Oil & Gas is a Brazilian company that prides itself on the ethnic and cultural diversity of its Members. It believes that by overcoming differences it can build a fairer and more egalitarian businesses and society. Its Members are of both genders and of various ages, religions, ethnicities and backgrounds.

The awards received by Odebrecht Oil & Gas are the result of the hard work and constant commitment of its Members, recognizing the excellence and quality of its professionals. Steered by the spirit of providing services and guided by the Organization’s values, Odebrecht Oil & Gas Members strive to obtain the necessary qualifications and achieve the desired results to continue sharing each client’s dreams and breaking records, such as over 30 million man-hours without lost-time incidents with more than 2,000 Members operating off shore.

:: Quality Assurance, Health, Safety and Environment: ISO 9001: 2008 :: OHSAS 18001 2007 :: ISO 14001: 2004

:: Euromoney: Project Finance Latin America Oil & Gas Upstream Deal of the Year :: Trade Finance: Trade Finance Deal of the Year 2009 :: PFI - Project Finance International: Latin America Bond of the Year 2010 :: International Financing Review (IFR): Latin America Bond of the Year 2010

The health and the occupational safety of its Members are values for Odebrecht Oil & Gas. Security issues are addressed at contract level since the original cost estimate and planning of the related activities. The health and safety programs are carried out in an integrated way and are geared towards the prevention and control as part of Odebrecht Oil & Gas culture.

By protecting the environment, Odebrecht Oil & Gas is in compliance with internal policies and with international  norms  and  legal  local  requirements.    The  company’s  Basic  Plan  of  Environmental  Management includes: A diagnosis of the expected impacts and the definition of measures to curb or minimize them; Preparation for the restoration of degraded areas; Proper waste management; Training and development of all Members to work with focus on prevention; Preparation for emergency situations.

Based on the operational model of the Odebrecht Foundation, an institution supported by the Odebrecht Organization which aims to contribute to the development of youths with full conscious of their citizenship, sympathetics and responsibles for their own sustainable development.

Odebrecht Oil & Gas invests in the communities where it is inserted, encouraging local development. Within this concept, it runs, since 2007, social projects in Macaé throught a partnership with Unicef and the Municipal Office of Education of Macaé, intending to foster environmental education, social, digital and productive inclusion of youth, children and local adults. Odebrecht Oil & Gas invests in the communities where it is located always encouraging local development.

There are huge areas to be explored – 4.7 M km² onshore and 2.2 M km² offshore

ANP rounds are back! Unlocking new frontiers in offshore, onshore and unconventionals

Taking in account pre salt reserves, Brazil would rank tenth among the main oil countries (60 bi bbl)

Upsides regarding Brazilian potential

Source: IEA WEO 2013 and Internal Research

0

5

10

15

20

25

30

35

40

Petro

bras

Pe

tra …

BG

To

tal

Petro

gal

BP

QGEP

Ge

opar

k Im

etame

Co

wan

Stato

il

Ouro

Pre

to OG

X Ch

ariot

Br

asoil

…

Alvo

petro

Ec

opetr

ol Gr

an T

ierra

Pa

cific

Prem

ier O

il UT

C BH

P Bi

lliton

Ex

xonm

obil

Espa

ñola

Ch

evro

n

Offshore Onshore

Signed Contracts per company 11th Round

81 Onshore blocks / 97 Offshore blocks

Fonte: ANP

The 11th ANP round has put the country back on track of new rounds and acreage

Offshore: new frontiers (Equatorial and East Margin) will be explored with seismic and drilling first – demand for subsea and production units expected to follow in 3 to 4 years

Onshore: investments are coming – will test the potential of a vast area of sedimentary basins

Source: ANP and Internal Research

The 12th round was mainly onshore and gas focused

Industrial players are eager to use the gas ANP is betting this new round will unlock

Offered Areas Many plays, as Paraná and Reconcavo basins, have potential for unconventional resources – which will push the regulations the be adjusted

Two of the three main areas – Reconcavo and SEAL are near existing infrastructure

Source: ANP

A strong consortium was formed by two leading oil companies (Shell, Total) and Chinese newcomers (CNOOC, CNPC) with their strong balance sheets

Libra has shown Shell’s commitment to Brazil – while divesting elsewhere in the world – and marked in bold letters the entry of Total in the Brazilian market

R$ 15 bi in signature bonuses and PEM of 2 UDW wells and 1 EWT

~26-42 bi barrels in situ

~12-18 production systems

20 k bpd/well

8 wells/FPSO

Peak of 10 rigs ~2024

Source: ANP, IHS, BDEP

Petrobras will keep the lead of the Brazilian market in foreseeable future

Investments reaching $148 bi until 2017 – 100% of projects approved

Was the main oil company in the three rounds of 2013

» 12 blocks in the 11th round as operator

» 43 blocks in the 12th round as operator

» Operator of Libra with 40%

Reserves levels are growing, reaching 13.5 bi bbl of crude oil

This growth took the company towards a high RRR: 131%

The plan: reach 4.2MMbpd in 2020 from 1.9 today

Source: Petrobras, ANP, BTG Pactual

9 production systems were installed in the last 2 years

30 production systems will be on stream 2014-20 (40% to be bidded)

And few others are possible: ~4 smaller FPSO Source: Petrobras and internal research

Repsol with important discoveries – Pão de Açúcar, Gávea and Seat

» WD 2,800m and 700 M boe of reserves

Shell is developing BM-S-54 and starting new phases for Parque das Conchas and Bijupira-Salema

Statoil has new investments in Campos basin (4 blocks awarded in 11th round as operator)

BG/Galp/Repsol demanding infrastructure for their own logistics

BG with 10 new blocks and Total with 6 are going to be relevant players

Chinese players are coming to Brazil – initially as potential investors

Deepwater services and equipment will keep the lead

42 new production units planned for the next six years (Petrobras and IOCs being 25 still to be bidded) generating a demand of: » 1,1 M MW of Power Generation » 100 M m³/d of Gas Treatment & Compression System Capacity » 400 Christmas Trees

Additional units to be demanded in the next 4 years as Exploration matures in the North and East frontiers

Onshore market needs better and more equipment after the 11th and 12th rounds (seismic, drilling, fracking etc.)

Subsea infrastructure is the new bottleneck – EPC of rigid pipelines are in its early stages of development in Brazil and there is not enough flexible flowlines installation capacity

If Petrobras is to meet its productions targets, they probably will be short in rigs

Local players prone to arrange partnerships with foreign investors and suppliers

Fonte: IHS

Petrobras’  balance  sheet  could  limit  the  increase  of  development  speed  

New players are in the market but their share is still under the ideal level

Gas players should establish their logistics before turning on the drill bit

Equipment suppliers with national presence will benefit from local content and proximity to Clients

Thank you!

Takk for din oppmerksomhet

Tack för din uppmärksamhet