The firm time charter period is 15 years with five one-year extension options. The LoI also includes a purchase option.
Water depth at the offshore location is 100 m (328 ft). Eni operates the Area 1 project, which is currently in the pre-development phase.
MODEC will be responsible for engineering, procurement, construction, mobilization, installation, and operation of the FPSO, including topsides processing equipment and the hull and marine systems.
Its subsidiary SOFEC will design and supply the disconnectable tower yoke mooring system.
TheFPSO will be designed to process up to 90,000 b/d of crude oil, 75 MMcf/d of gas, with water injection capacity of 120,000 b/d and an oil storage capacity of 900,000 bbl.
First oil is scheduled for 2021.
To date MODEC has supplied five production systems for the Gulf of Mexico.