MODEC Secures Award for the First FPSO Offshore Ghana

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August 11, 2008

MODEC is pleased to announce that it has reached an agreement with the Jubilee Field Partners and Tullow Ghana Ltd. (Unit Operator) to provide and operate the first FPSO to be installed on the Jubilee Field offshore Ghana. The agreement was entered into by Tullow Ghana Ltd. on behalf of the Jubilee Field partners: Tullow Ghana Ltd., Kosmos Energy Ghana, Anadarko Petroleum Corporation, EO Group, Sabre Oil and Gas, and the Ghana National Petroleum Corporation (GNPC). The contract is a seven year lease with 13 one-year options.

The FPSO, part of the Phase 1 development plan, will be installed in approximately 1,100 meters water depth on the Jubilee Field, which is one of the largest oil fields discovered offshore West Africa in the past 10 years. It will be capable of processing more than 120,000 barrels of oil per day, and injecting more than 230,000 barrels of water per day and 160 MMscfd of produced gas. First oil is scheduled in 2010 and the FPSO is designed to remain on the field for up to 20 years.

Kenji Yamada, President & CEO of MODEC, Inc., said, "MODEC is very proud to have been selected by the Jubilee Unit partners and GNPC to provide and operate the Jubilee FPSO, a world class facility on a world class field. We are equally pleased to be a part of the team that will provide a needed energy resource to benefit the people of Ghana."

Rick Hall, President of MODEC International, Inc., added, "The Jubilee award represents a significant milestone for MODEC in assisting Tullow and its partners to develop a world class oil field while also strengthening MODEC's infrastructure in West Africa. Following the Jubilee Phase 1 FPSO award along with the recently awarded FPSO to be installed offshore Angola, MODEC will have operations in Ghana, Angola and Cote d'Ivoire with additional MODEC supplied facilities operating in Nigeria, Equatorial Guinea, Cameroon and Gabon."

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