CNR Selects MODEC Inc. to Develop Baobab Field Offshore Cote d'Ivoire

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July 21, 2003

MODEC Inc., Tokyo (TSE:6269), announced today the signing of a contract with CNR International (Cote d'Ivoire) S.A.R.L. for the development of the Baobab Field Offshore Cote d'Ivoire. The Baobab Development Plan calls for the provision of a deepwater moored floating production, storage and offloading vessel (FPSO) connected via an external turret mooring system to a series of subsea manifolds. MODEC International LLC, a consolidated subsidiary company, is responsible for the engineering, procurement, construction, installation, commissioning and operations for the 2,000,000 barrel storage capacity FPSO including the topsides processing equipment and external turret mooring system. MODEC International LLC will operate the FPSO for ten (10) years with an additional ten (10) 1-year options.

The FPSO is planned to be installed in 970 meters water depth and capable of processing 70,000 barrels of oil per day and 75 million cubic feet of natural gas. The Baobab Field is expected to be online in 2005.

"This is MODEC's first challenging contract after our IPO in Tokyo Stock Exchange, and this selection helps illustrate our commitment to enhance our stockholder's value by providing the highest quality floating production systems and services possible to our customers," said Kenji Yamada, President and CEO - MODEC Inc.

"We are pleased to be responsible for this EPCI and operations contract," said Shashank Karve, President and CEO - MODEC International LLC. "Of the 16 FSO/FPSO projects we have successfully delivered, this will be the fourth ULCC vessel we have converted to a deepwater, high-performance FPSO. This contract will also get MODEC its first operations base in West Africa. We look forward to continue working with CNR and to building relationships with the people and the Government of Cote d'Ivoire on this world class project."

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