Brazilian oilfield services company OSX Brasil SA (OSXB3.BR) said Tuesday it received a bridge loan to cover its construction of a shipyard at the Acu port.

Eike Batista’s OSX just announced that is has received a USD 227.9 million bridge loan from BNDES for a period of 18 months at an annual interest rate of 5.4%. This bridge loan will cover the shipyard capex until the FMM (Marine Merchant Fund) credit line of 2.7 billion Brazilian reais ($1.48 billion) is received. Once the FMM becomes available, OSX will have to repay the principal to BNDES plus the interest over the period.

OSX’s Acu port complex is part of a rebirth for Brazil’s shipbuilding sector, with demand forships and oilfield equipment soaring amid development of recently discovered reserves off the country’s coast. Brazil was once one of the world’s largest shipbuilding countries before an economic downturn in the 1980s caused the sector to nearly shut down. 
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