MODEC FPSO for ENI

Japanese MODEC firm has received a Letter of Intent (LOI) for supply and operations of a floating production storage and offloading (FPSO) vessel to be delivered to Eni Mexico. The charter period is 15 years with five one-year extension options. A purchase option is included. The FPSO has a storage capacity of 900,000 barrels of crude oil and will be deployed in the Offshore Area 1, about ten kilometers off the coast of Mexico at a water depth approximately 32 meters. The field operatorship is 100% owned by Eni Mexico.