FPSO Stybarrow Venture MV16 Naming Ceremony

Tokyo, Aug. 15, 2007

MODEC, BHP Billiton, and the Jurong Shipyard celebrated the Naming Ceremony of the FPSO Stybarrow Venture MV16 on Friday, August 10, 2007. MODEC is the vessel owner and operator, BHP Billiton holds the long term lease and Jurong is the shipyard responsible for integrating the topsides.

Mrs. Alison Smith, wife of Mr. Nigel Smith, President of Development, BHP Billiton Petroleum, served as the Lady Sponsor and formally named the vessel.
The new-build FPSO was finished in only 16 months. "This exceptional success is a result of the excellent teamwork and respect among BHP Billiton, MODEC and Jurong that was maintained throughout the project," said Kenji Yamada, President and CEO of MODEC, Inc.

The FPSO Stybarrow Venture MV16 will be located in permit WA-255-P (2) in the Exmouth Sub-basin, approximately 65 kilometers from Exmouth, off the northwest coast of Australia. The unit has a storage capacity of 900,000 barrels, a total liquid process capacity of 100,000 barrels per day, a crude production capacity of 80,000 barrels of oil per day, and gas production capacity of 45 million standard cubic feet per day.

The FPSO has an internal disconnectable turret which was provided by SOFEC. The disconnectable turret enables the vessel to evacuate if a cyclone were to develop in the area.

The FPSO will sail from the Jurong shipyard later this month and will be installed in approximately 825 meters water depth. First oil is planned in the first quarter calendar year 2008.

FPSO Stybarrow Venture MV16
FPSO Stybarrow Venture MV16