Killajoules

MODEC Awarded HESS Stampede TLP ECM Contract
On May 3, 2013 MODEC International Inc. executed a pre-sanction contract with Hess Corporation to provide Engineering and Management Services for the Stampede tension leg platform (TLP). These services include project management, engineering, procurement management, and construction management for the hull and mooring systems of a conventional TLP with continuing services contingent upon sanction.

BP FPSO PSVM Achieves First Oil; a significant milestone for MODEC
MODEC announced today that the BP Angola Business group has started full scale hydrocarbon production on FPSO PSVM within its fields in Block 31 offshore Angola. This milestone marks a significant achievement for the MODEC Companies as it caps a challenging project in which MODEC delivered to BP the FPSO PSVM facility which is one of the cornerstone pieces for this critically important producing development in the BP portfolio.

TOYO Awarded Consecutive FPSO Topsides Units Projects for Brazil
MODEC and TOYO Offshore Production Systems Pte. Ltd. (MTOPS), a Singapore joint company created by Toyo Engineering Corporation (TOYO, President and CEO Katsumoto Ishibashi) and MODEC, Inc. (MODEC, President & CEO Toshiro Miyazaki), has been awarded a letter of intent from MODEC to install topsides units for a Floating Production, Storage and Offloading (FPSO) system.

Tower Yoke Mooring System – Lampung LNG Floating Terminal Project FSRU – Höegh LNG Ltd
MODEC, Inc. is pleased to announce the award of a Tower Yoke Mooring System by Höegh LNG to our subsidiary, SOFEC Inc.

Award for FEED contract of a FLNG from PETRONAS
The consortium among four (4) companies (hereinafter “MITC Consortium") consisting of MODEC, Inc.　(MODEC), IHI Corporation (IHI), Toyo Engineering Corporation (TOYO) and CB&I Nederland B.V. (CB&I) announced that MITC consortium has been awarded a contract from Malaysian state-operated oil company, Petroliam Nasional Berhad (PETRONAS) for the Front End Engineering Design (FEED) of a Floating LNG (FLNG) Project on dual FEED mode in Malaysia.

TOYO Awarded FPSO Topsides Units for Brazil
MODEC and TOYO Offshore Production Systems Pte. Ltd. (MTOPS), a joint company created by Toyo Engineering Corporation (TOYO, President and CEO Yutaka Yamada) and MODEC, Inc. (MODEC, President & CEO Toshiro Miyazaki) established in Singapore, has been awarded a contract to install topsides units for a Floating Production, Storage and Offloading (FPSO) system from Dutch company of Cernambi Sul MV24 B.V. established by MODEC.

TOYO Awarded FPSO Topsides Units for Brazil
MODEC and TOYO Offshore Production Systems Pte. Ltd. (MTOPS), a joint company created by Toyo Engineering Corporation (TOYO, President and CEO Yutaka Yamada) and MODEC, Inc.(MODEC, President & Chief Executive Officer Toshiro Miyazaki) established in Singapore, has been awarded a contract to install topsides units for a Floating Production, Storage and Offloading (FPSO) system by MODEC’s Singaporean subsidiary, MODEC Offshore Production Systems (Singapore) Pte. Ltd.

Honeywell UOP Technology Used to Clean Natural Gas On Floating Production, Storage and Offloading (FPSO) Vessels in Brazil
UOP LLC, a Honeywell (NYSE: HON) company, announced today that MODEC, Inc. has commissioned a UOP SeparexTM membrane system for processing natural gas on a new Floating Production, Storage and Offloading (FPSO) vessel.

The Schahin Group and MODEC, Inc. Land Cernambi South FPSO for Petrobras and the companies of Consortium BM-S-11
MODEC announced today that Petróleo Brasileiro S.A. ("Petrobras"), through its subsidiary Tupi B.V., on behalf of Consortium BM-S-11, has signed a Letter of Intent (LoI) for the supply, respectively, charter, and operations of a Floating, Production, Storage, and Offloading (FPSO) vessel for the BM-S-11 block (Cernambi South) in the giant "pre-salt" region of the Santos Basin with its water depth of 2,300m. The BM-S-11 block is under concession to a consortium formed by Petrobras (65%), BG Group (25%), and Petrogal Brasil S.A – Galp Energia (10%).The LoI was issued to the Schahin Group and MODEC, Inc., who have partnered for the latest leased FPSO. This is the second venture between the Schahin Group and MODEC, Inc.

Update on the Jubilee Due Diligence
In July 2010, MODEC, Inc. announced that as part of the lease financing for the Jubilee FPSO, under the Representations and Warranties provisions, MODEC had disclosed to the other potential equity partners in Jubilee Ghana MV21 B.V., a special purpose company incorporated in the Netherlands, and the lending banks all of the contracts that were executed for this project.