MODEC Announces Monumental Achievement for the FPSO Cidade de Angra dos Reis MV22

Tokyo, Dec. 21, 2010

On September 22, 2010, the MODEC FPSO Cidade de Angra dos Reis MV22 arrived at the Tupi field to begin offshore mooring and riser hookup. The arrival date was achieved approximately one month ahead of the contractual delivery date, with the first oil milestone impressively produced by the end of October. MODEC celebrated this monumental achievement from Brazil's first pre-salt commercial production facility with a visit from Brazilian President, Luiz Inacio Lula da Silva. This accomplishment, along with the continued operational success of MODEC's four existing FPSOs/FSOs leased to Petrobras, demonstrates the level of understanding, commitment, and attention to project execution that exemplifies the long-standing partnership between MODEC and Petrobras.

The Cidade de Angra dos Reis MV22 is moored in 2,149m of water in the Tupi field, Santos Basin. The vessel is capable of processing up to 100,000 barrels of oil per day and 5 million m3 of gas. The facility is designed for H2S and CO2 removal and is capable of reinjecting CO2 downhole at 550 bar in addition to exporting sales gas to shore. The FPSO will initially gather production from five subsea wells and has the ability to accommodate four additional production wells in the future.

Petrobras anticipates the need for additional FPSO systems to fully develop the region. MODEC looks forward to providing Petrobras with the same exemplary standard of project dedication and service, as demonstrated by this extraordinary P5 success rate, in future FPSO systems for the area.