Offshore staff

(Tokyo) -- The contract for an FSO for Rang Dong field offshore Vietnam has been signed by operator Japan Vietnam Petroleum Co. Ltd. and supplier Modec Inc.

The FSO is planned for 60 m of water, a production capacity of 60,000 b/d oil, and storage capacity of 350,000 bbl.

Modec is responsible for engineering, procurement, construction, installation, commissioning and operations, including the turret mooring system. Modec will own and operate the FSO for an initial nine-year term with optional one-year extensions for five more years.

First production is scheduled for 3Q08. Rang Dong is 135 km southeast of Vung Tau on block 15-2.

JVPC operates Rang Dong jointly with ConocoPhillips (UK) Ltd. Vietnam and PetroVietnam Exploration and Production Co.

7/17/06