TOYO Awarded Topsides Modules Contract for Australia-TOYO's First Project for FPSO FacilityApr. 4, 2006

Toyo Engineering Corporation (TOYO) has been awarded a contract by MODEC, Inc. to supply the topside processing units for a Floating Production, Storage and Offloading (FPSO) facility. The FPSO is being supplied by MODEC to BHP Billiton for the company's Stybarrow oil field development located off the north west coast of Australia.The topsides units, which will be manufactured in modules, will be capable of producing 80,000 barrels of oil per day for the FPSO.

TOYO is responsible for engineering, procurement of equipment and materials, and module fabrication management. The topside modules are scheduled for completion in the third quarter of 2007. This contract is TOYO's first business agreement with the FPSO manufacturing industry and is an opportunity to develop new business in the FPSO field as a reliable topsides contractor to MODEC.

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