MODEC's Stybarrow Venture MV16 produces first oil

Offshore staff

TOKYO -- MODEC has first oil from the FPSO Stybarrow Venture MV16. The vessel is located in permit WA-255-P in the Exmouth sub-basin off the northwest coast of Australia. The unit sailed form Jurong shipyard in Singapore at the end of August 2007.

"We are pleased to have achieved first oil in such a short period of time," says Kenji Yamada, president and CEO of MODEC. "BHP Billiton is a very important client – this is the third FPSO we have owned and operated for them. We have a fourth FPSO under construction and a very large TLP under construction for BHP."

MODEC was responsible for the engineering, procurement, construction, installation, and commissioning of the FPSO and provides the operation and maintenance services for an initial ten-year period with possible extensions.

12/20/2007