MODEC Awarded the world's Deepest Tension Leg Platform for Anadarko's Marco Polo Field

Houston, Feb. 5, 2002

MODEC International LLC has entered into a letter of intent with El Paso Energy Partners, L.P. (NYSE: EPN) for the engineering, procurement and construction of the hull, mooring and production riser system for the world's deepest tension leg platform (TLP). The TLP is expected to be owned by EPN and Cal Dive International, Inc. (Nasdaq: CDIS) and is planned to serve as a production hub at Green Canyon 608 in the Gulf of Mexico initially for Anadarko Petroleum Corporation's (NYSE: APC) Marco Polo field discovery. The TLP is planned to be installed in 4,300 feet of water and is capable of supporting processing equipment designed to process 100,000 barrels of oil per day and 250 million cubic feet of natural gas per day. The facilities are scheduled to be online in 2004.

"In recent years, we have increased the displacement and payload capabilities of the MODEC TLP to successfully compete, as demonstrated by the Marco Polo award, with the SPAR structures and other large TLP designs," said Ray Koon, Vice President - MODEC International LLC. "The award of the Marco Polo TLP and the recent approval of FPSO/FSOs in the US Gulf of Mexico demonstrates the wide range of field development solutions offered by the company," added Shashank Karve, President and CEO - MODEC International LLC.