FPSO Conversion for MODEC

Date: 2009-5-6

COSCO SHIPYARD has secured a multi million dollar contract to convert the 18 yearoldVery Large Crude Carrier (VLCC) tanker, MT "SUNRISE IV", to a Floating Production Storage and Offloading (FPSO) vessel for MODEC. This is the 5th FPSO conversion contract awarded to the COSCO Dalian Shipyard.

This conversion contract involves repair and conversion of vessel to FPSO including topside integration and commissioning. This FPSO is scheduled to be re-delivered in mid 2010.

The FPSO is designed to operate for 20 years without dry-docking, and it will have a production capacity of 16,000 M3 oil per day and 5,000,000 Nm3 gas per day, a storage capacity of 1,600,000 barrels of oil. The FPSO will be re-delivered to MODEC for deployment in PETROBRAS' TUPI Field in water depths of between 2,200 and 2,500m offshore Brazil.

COSCO Shipyard