Offshore staff

TOKYO -- Modec has signed a contract with Truong Son Joint Operating Co. for the charter and operation of an FPSO to work on Vietnam's Song Doc field.

Modec is responsible for the engineering, procurement, construction, installation, commissioning, and operations of the FPSO, including topsides processing equipment, the hull and marine system, and a Sofec spread mooring system.

Modec will convert a Panamax tanker into an FPSO capable of processing 30,000 b/d of liquid per day and with an oil storage capacity of 360,000 bbl. The vessel will work in 55 m (180.4 ft) water depth.

The FPSO is expected to start production in mid-2008. The charter contract is for five years with an additional five one-year options.

"This is our fifth vessel that will be offshore Vietnam," says Kenji Yamada, president and CEO of Modec, Inc. "We are very proud of the deep relationships we have developed in Southeast Asia."

The Song Doc field is in block 46/02, approximately 170 km (105.6 mi) offshore Vietnam. Truong Son Joint Operating Co. (TSJOC) operates the field on behalf of PetroVietnam Exploration and Production Co., which holds 40% interest. Other stakeholders include Talisman (Vietnam 46/02) Ltd., with 30% interest, and Petronas Carigali, with the remaining 30%.

5/14/2007