MODEC, Inc. (“MODEC”) announced today that its affiliate, Gas Opportunity MV20 B.V. (“MV20”), has signed a contract with Enauta Energia S.A. (“Enauta”), a wholly owned subsidiary of Enauta Participações S.A., to sell FPSO Cidade de Santos MV20 (the “FPSO”), operated in the Uruguá and Tambaú fields (the “Fields”) in the Santos Basin, offshore Brazil.

The FPSO, owned by MV20, has been leased on a charter contract to Petróleo Brasileiro S.A. (“Petrobras”) for 13 years since 2010.

The sales contract is directly related to Petrobras entering into contracts with Enauta for the assignment of its entire stake in the Fields. The final conclusion of the sales transaction is subject to certain conditions precedent, in particular approvals from the relevant competent governmental bodies.