OSX preps IPO

As expected, OSX has filed papers for an initial public offering (IPO) on the Sao Paulo Stock Exchange.

The registration with Brazil's Securities Commission positions the shipyard and offshore company to become the fifth company controlled by billionaire Eike Batista to go public.

Eike Batista has launched five public companies.

Credit Suisse is backing the offering with Brazil's Banco Itau. The prospectus also says the shares will be sold in the United States, although no filing could be found with the US Securities and Exchange Commission (SEC).

The registration of the offering comes as Batista's oil production company, OGX, has said its offshore oil discoveries require 19 floating production units and 29 platforms. The OSX filing claims the units will cost an estimated $30bn.

OGX has announced an agreement with OSX in which the shipbuilder will charter the required units to OGX.

The companies also agreed to a $263,000-per-day charter set to last 20 years for the first unit. OSX bought the 133,000-dwt newbuilding floating production, storage and offloading unit (FPSO) OSX 1 from Nexus Floating Production.

As TradeWinds has reported, OSX plans to build a $1bn shipyard in the southern Brazilian state of Santa Catarina and has proposed a second new yard in Rio de Janeiro state.

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