MODEC Awarded TLP for Shenzi Field, Deepwater Gulf of Mexico

Houston, Jul. 24, 2006

MODEC International LLC announced today the signing of contracts with BHP Billiton for the provision of a Tension Leg Platform (TLP) facility for the Shenzi Field development. The Shenzi Field comprises Green Canyon Blocks 609, 610, 653 and 654 in the Gulf of Mexico and is approximately 120 miles from the Louisiana Coast. Other partners in the field include Hess Corporation and Repsol YPF.

The Shenzi TLP will be the fifth and largest MOSES design TLP to date, with a payload capacity of 15,500st and displacement of 43,500st.

The TLP will have up to 20 subsea production and water injection wells tied back to the facility and will be capable of processing 100,000 barrels of oil and 50 million cubic feet of gas per day. The TLP will be installed in approximately 4,300 feet water depth.

MODEC is under contract for the project management, design, engineering, procurement, construction, and pre-commissioning activities of the TLP. Installation of the TLP is planned for summer 2008 and first oil production from the Shenzi TLP is expected mid-year 2009.

Shenzi TLP