MODEC International LLC has signed a contract with Amerada Hess Equatorial Guinea, Inc. (AHEGI) for the design, engineering, procurement and construction of the hulls, topsides, mooring, drilling riser, and production riser systems for two tension leg platforms (TLP) for AHEGI's Equatorial Guinea Northern Block G development. The development area is approximately 55 km southwest of Bata and 250 km south of Malabo. The Oveng and Okume/Ebano reservoir areas will be developed using the TLPs. The Oveng TLP is planned to be installed in approximately 280 meters (900 feet) of water and is capable of supporting up to eighteen (18) top tensioned production and/or water injection risers, a tender-assist drilling unit, and topsides; hydrocarbons will be routed back to the Central Process Facility (CPF). The Okume/Ebano TLP is planned to be installed in approximately 500 meters (1,650 feet) of water and is also capable of supporting up to eighteen (18) top tensioned production and/or water injection, with rig and topsides capabilities similar to the Oveng TLP. The facilities are scheduled to be installed in the 2nd Quarter 2006.

"The award of the third and fourth MODEC TLPs builds on the previous success of the innovative MOSES Design and opens the door to the West African market for MODEC. This particular design also offers a step change in our hull concept. These new hull designs have enough free floating stability to allow the deck to be integrated with the hull in the shipyard. This design eliminates the need for lifting and setting of the deck structure offshore and does so without using expensive temporary stability modules." said Ray Koon, Vice President - MODEC International LLC.