Modec Names Ray Koon as Corporate Officer

MODEC International LLC announced that Mr. Ray Koon has been elected as an officer of the Company and a member of its Management Committee.

Mr. Koon joined MODEC International LLC in 1997 after a 20 year career at ConocoPhillips. Mr. Koon was initially responsible for the management of the Engineering and Projects Division. Over the last few years, Mr. Koon has focused his efforts on the company's development and growth in the TLP Technology business sector. Under Mr. Koon's leadership, MODEC International LLC has completed two highly successful TLP projects, the "PRINCE" TLP and the "Marco Polo" TLP. MODEC was also recently awarded a contract from Amerada Hess Corporation for two TLPs to be installed in the offshore waters of Equatorial Guinea. This will be the first application of this novel design in West Africa.

Mr. Shashank Karve, President & CEO of MODEC International LLC, welcomed Mr. Koon to the Management Committee and stated that "Ray Koon has made a valuable contribution to the growth of MODEC International LLC. I continue to rely on his good judgment and counsel. Mr. Koon earned this position and I congratulate him."

MODEC International LLC is a wholly owned subsidiary of MODEC, Inc. publicly traded on the Tokyo stock exchange (TSE: 6269). MODEC is a turnkey supplier of Floating Production Storage and Offloading (FPSO) vessels, Floating Storage and Offloading (FSO) vessels and Tension Leg Platforms (TLPs) for the offshore oil and gas industry. MODEC currently operates 6 FPSOs and 1 FSO and has two additional units currently under construction which will commence operations in 2005.