The FPSO Cidade de Itaguaí MV26 is operating in the Iracema Norte area of Lula field, in the Pre-Salt layer of Santos Basin offshore Brazil at a water depth of around 2,240 meters.

MODEC converted the VLCC Alga into the FPSO. The FPSO is capable of processing 150,000 barrels of oil per day, 280 MM standard cubic feet of gas per day and has storage of 1,600,000 barrels of total fluids.

MODEC was responsible for the engineering, procurement, construction, mobilization and installation of the FPSO, including topsides processing equipment as well as hull and marine systems. SOFEC designed and provided the spread mooring.

The FPSO has achieved First Oil production on 31st July, 2015, 5 months ahead of the schedule anticipated under the contract. MODEC owns the FPSO and provides the operation and maintenance service all through the period of 20 year charter contract.