MODEC's FSO Ta'Kuntah passes 800 million barrels mark

Houston, Mar. 19, 2007

MODEC announced that the FSO Ta'Kuntah has surpassed the milestone of 800 million barrels of crude oil offloaded to export tankers.

The FSO Ta'Kuntah, owned and operated by MODEC and leased by Pemex Exploration and Production, is permanently moored in the Cantarell field which is located in the Bay of Campeche, offshore Mexico. She was the first FSO installed in the Gulf of Mexico (September 1998) and has been operating continuously for more than eight years. The past five years the FSO Ta'Kuntah has been meeting the demands of that of an oil terminal. In 2006 she offloaded to 246 tankers at a frequency of less than 36 hours per offload, which equates to an export quantity of 146 million barrels or 400,000 barrels of oil per day. The Ta'Kuntah's offloading system allows export tankers to moor either in tandem and/or side-by-side simultaneously.

The Health, Safety and Environmental record of the FSO Ta'Kuntah has been outstanding, without any instance of oil pollution or serious personal injury. The FSO has not experienced downtime, quite a unique record for an FSO.