OSX Brasil S.A. – in Judicial Reorganization ("OSX" or “Company”) (BM&FBovespa: OSXB3) announces that on November 15, 2014, its subsidiary OSX WHP 1&2 Leasing B.V. (“OSX WHP”), together with other OSX Grup subsidiaries and the Company, executed a settlement agreement with Techint Engenharia e Construção S.A. (“Techint”) to settle all matters related to the engineering, procuring, construction and installation contract (“EPCI Contract”) with respect to the two well head platforms, WHP-1 and WHP-2 (“Techint Settlement Agreement”). The Techint Settlement Agreement was executed as part of the Suspension of Payments process presented by OSX WHP before the Dutch Court, as informed on September 26, 2014, with the consent of the administrator appointed by the Court.

The execution of the Techint Settlement Agreement provides that the existing disputed between the parties, including arbitration disputes, will be terminated, thus contributing for the appropriate environment for the market to a comprehensive solution to the OSX Group debts.

OSX will keep the market informed of any material developments related to this subject.