OSX Brasil third-quarter EBITDA improves to negative R$80.9 million

By Caroline Salls

Pittsburgh, Nov. 14 – OSX Brasil SA reported negative R$80.9 million of EBITDA for the third quarter on R$226.4 million in revenue, according to earnings results released Friday.

In comparison, EBITA for the quarter ended Sept. 30, 2013 was negative R$1,839,400,000 on R$159.5 million in revenue.

The company said revenue generated from the shipbuilding operations reached R$120.3 million, while leasing activities generated revenue of R$60.9 million, and operations and maintenance services accounted for R$40.1 million.

Operating income for the third quarter of this year was R$81.7 million, up from R$67.3 million for the three months ended Sept. 30, 2013.

According to the release, OSX´s consolidated cash position was R$4.1 million on Sept. 30. The company also had R$ 106.3 million allocated in restricted cash as a requirement of some financing agreements.

The company’s consolidated debt on Sept. 30 was R$5.36 billion, comprised 85.1% of short-term debt and 14.9% of long-term debt.

As a result of the OGX Group’s capitalization of pre-bankruptcy debt and other credits, OSX said it now holds 19.12% of OGX’s total capital stock.

OSX Brasil is a Rio de Janeiro-based oil and gas holding company.

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