MODEC wins Tupi area FPSO contract

Petróleo Brasileiro S.A. (Petrobras) has signed a letter of intent with MODEC for the supply, charter, and operations for the pilot FPSO on the Tupi area in the Santos basin.

Offshore staff

TOKYO -- Petróleo Brasileiro S.A. (Petrobras) has signed a letter of intent with MODEC for the supply, charter, and operations for the pilot FPSO on the Tupi area in the Santos basin. The contract is for a 15-year lease with five one-year options.

MODEC is responsible for the engineering, procurement, construction, mobilization, and operations for the FPSO, including topsides processing equipment, hull, and marine system. SOFEC will design and provide the spread mooring.

MODEC will convert the VLCCM/V Sunrise IV into the FPSO Cidade de Angra dos Reis MV22. The FPSO will be capable of processing 100,000 b/d of oil or 150,000 bbl of total fluids per day, 150 MMcf/d of gas, and having a storage capacity of approximately 1,600,000 bbl. The FPSO will also be able to inject 100,000 bbl of water per day. The FPSO is planned to arrive in Brazil in 4Q 2010 and will be installed in 2,150 m (7,054 ft) water depth. The FPSO is designed to remain on the field for up to 20 years.

This is the sixth vessel MODEC will provide and operate in Brazil. It is the first permanent FPSO to operate in the Tupi area.

The FPSOCidade de Angra dos Reis MV22 will be deployed in the Tupi area and will initially gather production from five subsea wells with the capability to handle four additional production wells in the future.

08/26/2008

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