MODEC, Inc. (TSE: 6269) initiated production from Baobab field offshore Côte d'Ivoire for Canada's CNR International (Côte d'Ivoire) S.A.R.L. on August 9. MODEC undertook the conversion of the FPSO in July 2003. MODEC International LLC, a Houston based, wholly owned subsidiary of MODEC, Inc., was responsible for the engineering, procurement, construction, installation, commissioning and operations for the 2,000,000 barrel storage capacity FPSO including the topsides processing equipment and SOFEC® external turret mooring system.

FPSO Baobab Ivoirien MV 10 is installed in 970 meters water depth and is capable of processing 70,000 barrels of oil per day and 75 million cubic feet of natural gas. MODEC will lease and operate the FPSO for ten (10) years with an additional ten (10) 1-year options.

"The FPSO Baobab Ivoirien MV 10 is our first operations base in West Africa," said Shashank Karve, President and CEO of MODEC International LLC. "We look forward to continuing to work with CNR and to building relationships with the people and the government of Côte d'Ivoire on this world class project."