MODEC Inc. to Provide Offshore Facilities for Major West Africa Project

Houston, Jan. 15, 2002

MODEC Inc., Tokyo, has signed a contract to provide the offshore facilities for a major crude-oil development project in West Africa.

The agreement calls for MODEC to design, construct and install a Floating Storage and Offloading (FSO) unit, its marine pipeline and the tower yoke mooring system, which is anticipated to be one of the largest in the world.

"We're pleased to be selected to provide the FSO solution and related equipment for this development," said Kenji Yamada, President and CEO - MODEC, Inc. "This project demonstrates the broad scope of solutions that MODEC's strategic alliances offer."