Successful Completion and Delivery of the Third and Fourth MODEC TLPs

Houston, May 23, 2006

MODEC International LLC announces the successful completion and delivery of the third and fourth MODEC Tension Leg Platforms (TLP). These two units were delivered to Amerada Hess Equatorial Guinea, Inc. (AHEGI). These deliveries are the first of the new Self Stable Integrated Platform (SSIP) design that allows the platforms to be fully integrated (deck mated with the hull) in the shipyard thereby providing installation and hook-up cost savings to the Client. The mooring system was completed and delivered in January while the platforms were completed and delivered in February.

The Oveng TLP was installed in approximately 280 meters (900 feet) of water and the Okume/Ebano TLP was installed in approximately 500 meters (1,650 feet) of water. Both platforms are designed to support up to eighteen (18) top tensioned production and/or water injection direct vertical access risers and a tender-assist drilling unit. The platforms provide initial processing of up to 25,000 BOPD, 30 MMSCFD, water treatment, and utility systems to support a ten person operations group.

"AHEGI recognized from the onset that MODEC's contract to design, fabricate and integrate the two Okume Complex TLPs within 16 months of contract award would be a significant challenge, and we are pleased to report that both TLPs were delivered in time to be successfully installed in EG in conjunction with our spring 2006 installation campaign." said John Simon, Vice President - Hess Corporation.

MODEC has once again proven their capabilities by setting another industry first by completing the design, construction and commissioning of two TLPs at the same time under a very aggressive 16 month schedule. The design and fabrication of the Okume Complex TLPs again established industry milestones by MODEC. The delivery of two TLPs at one time has never been achieved in the industry. In addition the new enhanced SSIP design provides the industry a design that does not require crane assist or temporary buoyancy modules for a safe and stable installation. The on time and on budget record breaking project continues MODEC's long line of successful TLP projects for the industry.

Oveng TLP
Okume/Ebano TLP