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August 24, 2010

MODEC to convert VLCC to FPSO for "pre-salt"

MODEC (Mitsui Ocean Development & Engineering Co., Ltd.) is to convert the VLCC Radiant Jewel into the FPSO Cidade de Sao Paulo MV23. The FPSO will be capable of processing 120,000 barrels of oil or 150,000 barrels of total fluids per day.

It will operate on the BM-S-9 (Guara) Block in the giant "pre-salt" region of Brazil's Santos Basin. The BM-S-9 block is under concession to a consortium formed by Petrobras (45%), BG (30%), and Repsol (25%).

Petrobras subsidiary PNBV has issued a letter of intent on behalf of the BM-S-9 consortium for the supply, charter, and operations of the FPSO (Floating, Production, Storage, and Offloading ) vessel to Brazil's Schahin Group and MODEC, Inc. This is the first venture between the Schahin Group and MODEC, Inc.

The Schahin Group and MODEC, Inc. are responsible for the engineering, procurement, construction, mobilization, and operation of the FPSO, including topsides processing equipment as well as hull and marine systems. SOFEC will design and provide the spread mooring.

Scheduled for delivery during the 4th quarter of 2012, the FPSO will be installed in the Guara field .

This is the seventh vessel MODEC will provide and operate in Brazil. MODEC is currently operating the FPSO Fluminense, the FPSO Cidade do Rio de Janeiro MV14, the FSO Cidade de Macae MV15, the FPSO Cidade de Niteroi MV18, and the FPSO Cidade de Santos MV20. The FPSO Cidade de Angra dos Reis MV22 was delivered to MODEC today by China's COSCO Dalian shipyard and is scheduled to be installed in the fourth quarter of 2010.

"This is our second vessel for Petrobras in the pre-salt discoveries and we hope to participate with Petrobras in future production units for this exciting area," said Nobuhiro Yaji, President and Co-CEO of MODEC, Inc.

The Schahin Group has a significant presence in the drilling services market and has been working with Petrobras Group and consortia in which Petrobras has been participating since 1982.


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