Update on the Jubilee Due Diligence

Tokyo, Feb. 2, 2011

MODEC, Inc. announced today that while the due diligence is still ongoing it has agreed a brief extension to the suspension of the Contract of Guarantee for Equity Investments entered into with the Multilateral Investment Guarantee Agency in relation to the Jubilee FPSO.

MODEC will provide an update as matters develop. In the meantime, if there is any request for information kindly contact Otori Masayoshi at