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    MODEC signs LoI for FPSO

    News // October 24, 2003
    Fairplay (www.fairplay.co.uk) reports that MODEC has received a signed letter of intent from Santos for an FPSO.

    It is thought that the official contract will be signed before the end of the year. Once the vessel has been completed in the first quarter of 2005 the Australian company will charter it to EPSO who will produce oil and gas off the West Coast of Australia in Dampier.

    A 150,000dwt tanker will be converted into the FPSO that will be able to store 930,000 barrels of oil. An oil processing plant will also be installed on board that can refine 100,000 barrels a day.

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