MODEC Undertakes Due Diligence for the Jubilee FPSO

Tokyo, Jul. 27, 2010

MODEC, Inc. announced today that as part of the lease financing for the Jubilee FPSO, under the Representations and Warranties provisions, MODEC has disclosed to the other potential equity partners in Jubilee Ghana MV21 B.V., a special purpose company incorporated in the Netherlands and the lending banks all of the contracts that were executed for this project.

At the request of one of the equity partners, MODEC is currently undertaking a due diligence of the service agreement with Strategic Oil and Gas Resources Limited. MODEC has retained outside independent counsel for this purpose. MODEC will provide an update as matters develop. In the meantime, if there is any request for information kindly contact Otori Masayoshi at