MODEC Awarded Letter of Intent by Petrobras Related to Marlim 1 FPSO

Tokyo, October 16, 2019

MODEC, Inc. (“MODEC”) is pleased to announce that it has received a Letter of Intent (LOI) for the supply, charter, and operations of a Floating Production Storage and Offloading (FPSO) vessel for Marlim revitalization project from Petróleo Brasileiro S.A. (“Petrobras”). This marks MODEC’s 16th project for the Brazilian market and the period of contract for the unit is 25 years.

The FPSO’s first oil production is planned for 2022 and its operation is part of the Marlim cluster revitalization project. The field is 100% operated by Petrobras and is situated in the Campos Basin, in the northern region of the Rio de Janeiro State, 150 kilometers off the coast. The oil wells are at a water depth approximately 670 meters. The FPSO will be capable of processing 80,000 barrels of crude oil per day, 7.0 million standard cubic meter of gas per day, 390,000 barrels of water injection per day and will have minimum storage capacity of 1,000,000 barrels of crude oil. This is MODEC’s sixth vessel in the Campos Basin since the company started to operate in the region in 2003.

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