In Judicial Reorganization ("OSX" or “Company”) (BM&FBovespa: OSXB3), a Brazilian publicly held corporation which provides equipment and services to the offshore oil and natural gas industry, with integrated operations in shipbuilding, leasing of exploration and production (E&P) units and operation and maintenance services (O&M), hereby informs that in a meeting held today, the Board of Directors of OSX elected Mr. Vladimir Kundert Ranevsky to Chief Executive Officer, replacing Mr. Euchério Lerner Rodrigues, who remains as a member of the Company’s Board of Directors (he was elected at the Shareholders' Meeting held on May 21, 2014).

Mr. Vladimir Kundert Ranevsky is graduated in Electrical Engeneering (PUC RJ), holds a MBA in Business Administration from the PDG - EXEC and a specialization in Corporate Strategy from the University of Chicago. He served as division diretor at Clariant S.A., CEO at datacenter.comDominio (nowadays Alog), CEO at RRDonnelley, CEO at the swedish Relacom Network Services for Latin America and CEO at ECOSORB S.A. He is the Founding Partner of T-Pyxidhis Gestão e Assessoria Empresarial and has over 10 years experience working in management consulting, organizing and restructuring of companies in various segments.

At this same Board of Directors meeting, Mr. Claudio Antônio da Silva Zuicker was reelected CFO and Investor Relations Officer. The Board of Executive Officers’ mandate will remain in force until the Board of Directors meeting following the Annual General Shareholders Meeting to be held in 2015.