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Petrobras Selects MODEC for the Supply and Operation of the “Opportunity Oil” FPSO

Posted on January 4, 2007

MODEC, Inc., announced that Petróleo Brasileiro S.A. (Petrobras) has issued a letter of intent for the charter and operation of an FPSO to be located in Brazil’s Campos Basin. This is the third FPSO for MODEC to charter and operate for Petrobras.

The project includes developing an FPSO capable of processing 100 000 barrels of oil per day, gas compression capacity of 3.5 million cubic meters per day and having an oil storage capacity of 1.6 million barrels.

Total contract revenues of the charter and operation of the FPSO including option periods could reach US$1.2 billion.

MODEC is responsible for the engineering, procurement, construction, installation, commissioning and operations of the FPSO, including topsides processing equipment, hull and marine systems, riser hang-offs and SOFEC spread mooring system. MODEC will convert the VLCC tanker. The FPSO is expected to start the production in the field in the fourth quarter of 2008. The operational life of the FPSO is nine years with an additional six one-year options.

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