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Batista’s 2nd Production Vessel to Sail to Brazil End of June

June 18 (Bloomberg) -- OSX Brasil SA, billionaire Eike Batista’s shipbuilder, is getting ready to send a second production vessel to Brazil, where it is expected to start pumping crude before the end of this year.

The $800 million OSX-3 production unit is in Singapore and will leave for Brazil around the end of June, Modec Inc., the company OSX hired to build the vessel, said in an e-mailed reply to questions. The vessel, known as an FPSO, will arrive in Brazil in the third quarter after it was christened on May 31, OSX said in an e-mail.

OGX Petroleo e Gas Participacoes SA, the oil producer Batista controls, plans to use the vessel at the Tubarao Martelo field in the Campos basin where Petroliam Nasional Bhd., or Petronas, agreed on May 8 to buy a 40 percent stake in the field for $850 million. The deal is contingent on OGX meeting production targets.

OGX has lost 82 percent this year after output at its first project, Tubarao Azul, missed estimates and had to temporarily shut two of its three wells to replace pumps. OSX, the company that relies on OGX for most of its revenue, is down 81 percent this year.

To contact the reporter on this story: Peter Millard in Rio de Janeiro at pmillard1@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

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