OGPar and OGX announce to the market that as there were no agreement on the special hearing on March 13, 2015, in the Bankruptcy Court, with the legal representatives of OGpar, OGX, OSX Brasil S.A. - OSX Brasil, OSX Leasing, OSX 3 Holding, OSX Serviços e Nordic, as legal representative of OSX Leasing certain creditors, OGpar and OGX have agreed with OSX Brasil, OSX Leasing, OSX 3 Holding e OSX Serviços to; (i) suspend, for a period of six months, the payments owed by OGX, that eventually have not been paid, as an obligation for the FPSO OSX-3 platform chartering; (ii) suspend, for the same period, future expenses to be owed by OGX, also for the FPSO OSX-3 platform chartering; (iii) suspension of other collateral obligations foreseen in the contracts related to the chartering, signed on September 12th, 2014.
In the same context, to promote the reduction and the optimization of the extraction and production cost of of oil in the Tubarao Martelo Field, OSX and OGX Services amicably decided, by the contract termination of the FPSO OSX-3 platform operation and maintenance, committing to negotiate the terms for the transfer of activities related to the operation and maintenance of the FPSO OSX-3 for OGX (such as crew, contracts, operating systems, licenses, know-how etc.) as well as an indemnity to be paid by OGX to OSX Services in return for revenue that will no longer be received in this activity. This transfer shows to be beneficial for both parties, because on the one hand, it captures potential operational and financial synergies, reducing the field's operating costs for OGX and on the other hand reduces and suits OSX's and its subsidiaries costs and expenses to their revenue.
The conclusion of the agreement, which is in compliance with article 47 of Brazilian Law No. 11.101/2005, is aligned with other measures in the Companies' best interest, and has been made by management due to the sharp decline of the oil barrel price in the international market.
The Companies will keep its shareholders and the market informed on any further developments of its restructuring process and other relevant events related to this subject.
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