OSX 3 Leasing asks bondholders to approve vessel-sale adviser hirings

By Caroline Salls

Pittsburgh, Nov. 20 – OSX 3 Leasing BV is asking holders of its 13% senior secured callable bond issue 2012/2015 to approve the hiring of two sales advisers to explore potential sale and redevelopment options for the FPSO OSX-3 floating production, storage and offloading vessel, according to a notice released by bond trustee Nordic Trustee AS.

The trustee said OSX 3 settlement party Dommo Energia SA, formerly OGX Petroleo e Gas SA, has indicated that, without additional capital expenditure, the wells currently operating on the Tubarao Martelo oilfield will likely cease operating by the second quarter of 2018.

In addition, Nordic Trustee said Dommo has indicated that it is exploring opportunities for additional investment to extend the estimated operating life of the field.

As a result, the trustee said OSX 3 has obtained proposals from sales advisers in connection with the vessel.

If approved by the bondholders, the company has decided to hire Fearnley Offshore AS and Enco Resources Ltd. as sales advisers.

Fearnley will be eligible to receive a 1% commission on any sale or lease transaction that it brokers, and Enco will receive a 0.1% commission for any transaction it brokers.

Bondholder votes are due by 7 a.m. ET on Nov. 27.

OSX 3 Leasing is a subsidiary of OSX Brasil SA, a Rio de Janeiro-based oil and gas holding company.

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