TOYO Awarded FPSO Topsides Units Projects for BrazilNov. 8, 2013

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.

This FPSO, named FPSO Cidade de Caraguatatuba MV27, will be deployed to an offshore oil field, which is under concession to a consortium comprised of three companies including Petróleo Brasileiro S.A. (PETROBRAS). The offshore oil field is located in the pre-salt layer about 5,000 meters beneath the seabed of the Carioca area (water depth: 2,100m), 300 km south off the coast of Rio de Janeiro. This FSPO will be moored in the area in June, 2016.

MODEC is a leading FPSO contractor with top-level credentials and has been awarded nine FPSOs for PETROBRAS. This is the fourth FPSO project by MTOPS for PETROBRAS following the FPSO Cidade de Itaguaí MV26.

TOYO is striving to reinforce its business in the field of resource development, as part of the medium-term business plan "NEXT TOYO 2015". TOYO will continue to expand its business domains in Brazil.

Contract Summary

Client MODEC, Inc.
Contractor MODEC and TOYO Offshore Production Systems Pte. Ltd. (MTOPS)
(Corporate headquarters: Singapore)
Field The Carioca area of the BM-S-9 block in Brazil (300 km off the coast of Rio de Janeiro)
Under concession to a consortium comprised of three companies including PETROBRAS (Petróleo Brasileiro S.A. (45%), BG Overseas Holding Ltd. (30%), Repsol Sinopec Brasil S.A. (25%))
Units Floating Production Storage and Offloading; FPSO Topsides units
Facility outline: Oil production facility (100,000 barrels per day) and gas production facility (177 million cubic feet per day)
Scope Turnkey contract for engineering, procurement of equipment and materials, and manufacturing and installation of topsides modules
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