MODEC, Inc. (MODEC) announced that its affiliate, Gas Opportunity MV20 B.V. (MV20), has signed a contract with Enauta Energia S.A. (Enauta), a wholly owned subsidiary of Enauta Participações S.A., to sell FPSO Cidade de Santos MV20 (the “FPSO”), operated in the Uruguá and Tambaú fields (the “Fields”) in the Santos Basin, offshore Brazil.

The FPSO, owned by MV20, has been leased on a charter contract to Petróleo Brasileiro S.A. (Petrobras) for 13 years since 2010.

The sales contract is directly related to Petrobras entering into contracts with Enauta for the assignment of its entire stake in the Fields. The final conclusion of the sales transaction is subject to certain conditions precedent, in particular approvals from the relevant competent governmental bodies.

About MODEC

MODEC is a leading provider of floating production solutions such as Floating Production Storage and Offloading (FPSO) vessels to the offshore oil & gas industry. MODEC performs Engineering, Procurement, Construction and Installation (EPCI) activities for FPSOs, and further by owning and operating its own FPSOs, it provides oil companies around the world with comprehensive and competitive solutions for oil & gas.

About Petrobras

Petrobras has upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.