MODEC International Awarded $290 Million Brazilian Contract

FMC Technologies, Inc. announced that MODEC International LLC, a joint venture of FMC Technologies and MODEC Inc., Tokyo, has signed a contract with Enterprise Oil to provide the Floating Production Storage and Offloading System (FPSO) solution and related subsea equipment for its Bijupira and Salema fields development offshore Brazil. The contract is valued at approximately $290 million. MODEC International will supply the FPSO vessel, flowlines and risers. The contract includes 13 years of operations that will be managed by MODEC International. FMC Technologies' Energy Systems unit will supply a turret mooring system as well as five subsea manifolds, with a combined value of $56 million. Additionally, FMC Technologies will receive three-eighths of the profits from the FPSO through its ownership stake in MODEC International. The planned FPSO facility will have an oil processing capacity of 70,000 barrels of oil per day, gas handling of 75 million cubic feet per day, water injection of 92,000 barrels per day and storage capacity of 1.2 million barrels.

The Bijupira and Salema fields are located adjacent to each other in the Campos Basin, some 175 miles from Rio de Janeiro, in water depths ranging from approximately 1,575 to 2,900 feet. Artificial lift will be required to raise the reservoir fluids to the surface for processing, and reservoir pressure will be maintained by the high-pressure injection of seawater to assist oil recovery.