MODEC Expands Singapore Office

Singapore, Aug. 17, 2007

MODEC, an international company that provides floating production and storage solutions to the oil and gas industry, has expanded its office in Singapore. The office is located in the International Business Park, The Strategy Tower 1, which is in the Jurong East District of Singapore.

MODEC previously had two separate offices in Singapore: MODEC Management Services (MMS) and MODEC Offshore Production Systems (MOPS). MMS is responsible for the operations and maintenance of MODEC floating productions and storage and offloading units (FPSO) and floating storage and offloading (FSO) units in Southeast Asia and Oceania, while MOPS is responsible for the engineering, procurement and construction and installation (EPCI) of the FPSO/FSOs.

Naomasa Kosaka is a Director of MODEC Inc., the General Manager of MODEC, Inc. Singapore Branch and is Managing Director of MODEC Management (MMS). Sateesh Dev is the General Manager of MODEC Offshore Production Systems.

MODEC has five FPSO/FSO projects in various stages of development and has five units operating out of the Singapore office and soon will add a six the FPSO Stybarrow Venture MV16 which is scheduled to sail away from the Jurong shipyard later this month.

"Singapore is conveniently located to many of our clients as well as close to our many business partners who supply us with engineering, fabrication and integration facilities," said Kenji Yamada, President and CEO of MODEC, Inc. "The diversity and quality of skilled workforce as well as superior infrastructure of Singapore are all reasons that make enlarging our Singapore office a very logical choice."

"Having our Operations and Maintenance group located in the same building as our EPC group will provide efficiencies between the two groups," Yamada concluded.

Mr. Ko Kheng Hwa, Managing Director of the Singapore Economic Development Board was the guest of honor at MODEC's opening ceremony held on Friday, August 17th. "Today's ceremony has special significance because MODEC has chosen Singapore as its third global hub and Project Execution Centre, to complement Tokyo and Houston. It is a strong affirmation of Singapore's strengths in the offshore engineering industry. Singapore is one of the world's leading integrated marine and offshore centres. More and more companies with sophisticated capabilities, like MODEC, are expanding their presence in Singapore, reinforcing our reputation as 'Houston of the East'," said Mr. Ko.