Cidade de Niteroi MV18 FPSO

The oil transfer system was on behalf of Techflow Marine and the project was MV18 Cidade de Niteroi FPSO.

Tokyo, March 4, 2009 – MODEC announced today that the FPSO Cidade de Niteroi MV18, owned and operated by MODEC and leased to Petrobras, has reached First Oil and the charter agreement has begun. The contract is a nine year lease with six one-year options.

“MODEC has almost nine years of operational experience in Brazil, has crewed four units and has two operational offices,” says Shashank Karve, Managing Director and Chief Operating Officer of MODEC, Inc. “We have invested in Brazil and the results are very rewarding. We are excited about achieving first oil on FPSO Cidade de Niteroi MV18 and look forward to bringing the two other units into operation for Petrobras.”

The FPSO Cidade de Niteroi MV18 is capable of processing 100,000 barrels of oil per day, has a gas compression capacity of 124 million cubic feet per day and oil storage capacity of 1.6 million barrels.

The spread-moored FPSO is located on the Marlin East field in the reservoir known as Jabuti in the Campos Basin, offshore Brazil in approximately 1,400 meters water depth.