Petrobras Selects MODEC to Supply & Operate an FPSO & FSO, Offshore Brazil

MODEC has received two letters of intent on from Petrobras. On June 3, 2005, MODEC received a letter of intent for the supply and operation of an FPSO to be located on the 1-RJS-409/3-RJS-415 areas of the "Espadarte Sul" field of Brazil's Campos Basin. On July 15, 2005, MODEC received another letter of intent from Petrobras for the supply and operation of the PRA-1 FSO to receive stabilized crude oil from Marlim Sul, Roncador and Marlim Leste fields.

The RJS-409/415 project includes the provision of an FPSO capable of processing 100,000 barrels of oil per day, compressing 87 million cubic feet of natural gas per day and injecting 113,000 barrels of water per day. The FPSO will be able to store 1,600,000 barrels of oil. MODEC will convert the 264,148 dwt "Bright Jewel", a VLCC tanker presently owned by MODEC. MODEC International LLC, a Houston based, wholly owned subsidiary of MODEC, Inc., is responsible for the engineering, procurement, construction, installation, commissioning and operations of the FPSO, including topsides processing equipment, hull and hull systems, riser hang-offs and SOFECŪ spread mooring system. The FPSO is expected to be on station during the fourth Quarter of 2006. MODEC will lease and operate the FPSO for an initial eight (8) years with an additional four (4) 1-year option periods.

The PRA-1 project includes the provision of an FSO capable of receiving up to 630,000 barrels of oil per day and storing around 2,200,000 barrels of oil. MODEC International LLC is responsible for the engineering, procurement, construction, installation, commissioning and operations of the FSO, including the SOFECŪ external turret mooring system. The FSO is also expected to be on station at the end of 2006. MODEC will lease and operate the FSO under a 20-year agreement.

"MODEC is pleased to be working with Petrobras by providing the Espadarte Sul FPSO to help develop the RJS 409/415 area, and the FSO for PRA-1, which is of strategic importance as a transportation hub for a significant part of Petrobras' offshore production," said Shashank Karve, President and CEO of MODEC International LLC. "Of the twenty two (22) floating facilities that we have successfully delivered, these projects represent our second FPSO and first FSO project offshore Brazil. We look forward to working with Petrobras and continuing to build relationships with the people of Brazil on these world class projects," said Kenji Yamada, President and CEO of MODEC, Inc.

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