OMV Awards Contract to MODEC for Maari Field

Operator of the Maari Field, OMV New Zealand, announced the Maari Joint Venture's decision to exercise its option to purchase the Floating Processing, Storage and Offloading (FPSO) vessel Raroa.

The Raroa has been operating at the offshore Maari oil field since 2009 and is currently leased from Tablelands Development Ltd to the Maari Joint Venture. The lease includes an option to purchase the Raroa after the fourth contract year at a pre-agreed buy-out price.

"We see the purchase of the Raroa as an integral part of our investment strategy for the Maari Field. We plan to tie in new reservoirs through drilling of additional wells. Ownership of the Raroa will give us both flexibility and control, which is particularly important in terms of upgrades and refurbishment that may be required to meet anticipated field life and production," Peter Zeilinger, Managing Director of OMV New Zealand stated.

The transfer of ownership will be effective as of March 8, 2013.

MODEC Management Services Pte Ltd has been awarded a contract to provide operations and maintenance services for the Maari Field. The initial contract period is until the end of 2017 with options to extend in two year increments. MODEC currently operates 15 FPSO vessels worldwide, including three offshore Western Australia. It is considered one of the world's leading providers of operations and maintenance services for floating production units.

The award was based on an extensive pre-qualification and tendering process carried out by OMV, on behalf of the Maari Joint Venture, over the past year.

Mr. Zeilinger said they were pleased to be working with MODEC and looking forward to benefiting from their vast international experience in operations and maintenance.

"We wanted to engage with a service provider with extensive international capabilities and experience and we wanted the services to focus on the offshore facilities' safety, integrity and efficiency. We feel that we have achieved these goals."

OMV New Zealand Ltd holds 69% interest in the Maari permit and operates it on behalf of joint venture partners Todd Maari Ltd. (16%), Horizon Oil International Ltd. (10%) and Cue Taranaki Pty Ltd. (5%).

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