MODEC Inc. Issues IPO on Tokyo Stock Exchange

Tokyo, Jul. 3, 2003

MODEC Inc., Tokyo, listed on the Tokyo Stock Exchange (TSE) second section on July 2, 2003. The TSE ticker symbol is 6269 with a total of 29,017,000 shares issued as of July 2nd. The main purpose of the IPO is to reinforce the financial structure for the increasing FPSO/FSO charter projects.

Due to high demand of buying, the initial price was not fixed on the first day of trading. On July 3rd, the initial price was fixed at 2,100 Japanese Yen. The value of equity financing from the market by the IPO was a total of 3,102,000,000 Japanese Yen (Approx. 25,800,000 USD).

"Our mission is to enhance our stockholder's value by providing the highest quality floating production systems and services possible to our customers," said Kenji Yamada, President and CEO - MODEC, Inc. "Preserving and improving the quality of the operating environment and ensuring the safety and health of personnel and the public is our priority."