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BlockBMC36TartarugaVerde(PreviouslyAruanaProspect)Brazil,SouthAmerica

FinancingsecuredforTartarugafieldsFPSO

ProjectProfile
Value:US$500million
Location:Camposbasin,Brazil
FPSOcapacity:150,000barrelsofcrudeoilperday,176millionstandardcubicfeetofgasperday,200,000barrelsofwaterinjectionperdayandhasstoragecapacityof
about1,600,000barrelsofcrudeoil
Reserves:280million
WaterDepth:976m
StartupYear:2017

TheprojectwillseetheexplorationthendevelopmentofanoffshorefieldlocatedintheCamposbasin.Thepreliminaryanalysisindicatenotonlytheestimationof
recoverablevolumesaround280millionbarrelsoflightoil(28degreesAPI),butalsogoodproductivity.BlockBMC36wasacquiredinANP'sseventhround.TheFPSOwill
becapableofprocessing150,000barrelsofcrudeoilperday,176millionstandardcubicfeetofgasperday,200,000barrelsofwaterinjectionperdayandhasstorage
capacityofabout1,600,000barrelsofcrudeoil.TheFPSOdeliveryisscheduledinthethirdquarterof2017.

Operators:

Petrobras:Operatorwith100%interest

Contractors:

TeekayPetrojarlASA:Chartercontract

Aibel:RevampofRiodasOstrasFPSO

ModecandSchahinGroup:Contractforsupply,charter,andoperationsofaFloating,Production,Storage,andOffloading(FPSO)vesselfortheBMC36block(Tartaruga
VerdeandTartarugaMesticafields).TheFPSOwillbedeployedatTartarugaVerdeandTartarugaMesticafields.ModecandSchahinGroupareresponsibleforthe
engineering,procurement,construction,mobilization,installationandoperationoftheFPSO,includingtopsidesprocessingequipmentaswellashullandmarinesystems.

SOFEC,Inc.(asubsidiaryofMODEC):Contracttodesignandsupplythespreadmooringsystem.

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ProjectInformation

Sep15,2015

Tartaruga MV29, a consortium set to lease an FPSO to Petrobras for the Tartaruga oil fields, offshore Brazil, will borrow around US$1.3 billion from several
banks to finance the construction of the vessel. Tartaruga MV29 is a consortium established by MODEC, Mitsui & Co., Mitsui O.S.K. Lines, Ltd., and
Marubeni Corporation. The consortium won the contract for the Tartaruga FPSO delivery, in 2014.As for the Tartaruga FPSO loan, the Japan Bank for
International Cooperation (JBIC) said on Friday that several banks and the lead arranger Sumitomo Mitsui Banking Corporation would cofinance the loan. The
JBIC would lend about US$252 million. The banks involved in lending the money are Mizuho Bank, Ltd., ING Bank N.V., OverseasChinese Banking
Corporation Limited, Clifford Capital Pte. Ltd., The Bank of TokyoMitsubishi UFJ, Ltd., DVB Bank SE, Natixis, Socit Gnrale, Mitsubishi UFJ Trust and
Banking Corporation, Sumitomo Mitsui Trust Bank, Limited and Crdit Industriel et Commercial, with the total loan being US$1.26 billion.

Apr16,2015

MODEC, Inc., Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd. (MOL) and Marubeni Corporation (Marubeni) have agreed that Mitsui, MOL and Marubeni will
invest in a longterm charter business (the Project) currently promoted by MODEC for the purpose of providing a floating production, storage, and offloading
system (the FPSO) for use in the Tartaruga Verde and Tartaruga Mestia oil fields off the coast of Brazil. The above four companies have entered into
related agreements today. Based on these agreements, Mitsui, MOL and Marubeni will invest in Tartaruga MV29 B.V. (MV29), a Dutch company established
by MODEC, and the Companies will proceed with the Project jointly. MV29 has entered into a longterm charter agreement for the deployment of the FPSO
with Petrleo Brasileiro S.A. (Petrobras), the Brazilian state oil company. The FPSO will be chartered for 20 years under this charter agreement which was
signed on 27 February 2015. The FPSO will be named FPSO Cidade de Campos dos Goytacazes MV29 and will be deployed at the Tartaruga Verde and
Tartaruga Mestia Fields located in the CM401 concession block. The Fields are located approximately 125 kilometers from Maca, State of Rio de Janeiro
in the southeast coast of Brazil. FPSO will be moored in 765 metres water depth in the fourth quarter of 2017.

Dec03,2014

Modec and its Brazilian partner Schahin Group have been awarded a contract for supply, charter, and operations of a Floating, Production, Storage, and
Offloading (FPSO) vessel for the BMC36 block (Tartaruga Verde and Tartaruga Mestica fields) in the Campos Basin by Petroleo Brasileiro S.A. (Petrobras).
This announcement is further to the Letter of Intent (LOI) which was issued Nov. 28 2014.

The FPSO will be deployed at Tartaruga Verde and Tartaruga Mestica fields in the BMC36 block in the Campos Basin in water depth of 2,509 feet (765
metres). Modec and Schahin Group are responsible for the engineering, procurement, construction, mobilization, installation and operation of the FPSO,
including topsides processing equipment as well as hull and marine systems. SOFEC, Inc., a subsidiary of MODEC, will design and supply the spread
mooring system.

The FPSO will be capable of processing 150,000 barrels of crude oil per day, 176 million standard cubic feet of gas per day, 200,000 barrels of water

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Projectclassification

Completion date: 2017

STATUS: CATEGORY: ON/OFFSHORE:

UPSTREAM EPC AWARDED EXPLORATION DRILLING FPSO/FPU/FSO OFFSHORE

NEWBUILD

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Projectoperators

Petrobras
10.350 Richmond AVE.
Suite 1400
Houston
Texas 77042
United States of America

CONTACT

Telephone:++17138082000
Web:http://www.petrobrasusa.us

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Projectmaincontractors

TeekayPetrojarlASA(Canada) CONTACT

Telephone:++16046833529
Suite 2000 Bentall 5
Fax:++16048446600
550 Burrard Street
Web:http://www.teekay.com
Vancouver V6C 2K2
Canada

Mitsui&Co.,Ltd(Brazil) CONTACT

Telephone:++551133719700
Avenida Paulista, 1842, 23th floor
Fax:++551133719751
Building Cetenco Plaza North Tower
Web:http://www.mitsui.com/
So Paulo 01310923
Brazil

MitsuiO.S.K.Lines,Ltd.(MOL)(Brazil) CONTACT

Telephone:(11)31453986
Avenida Paulista, 283 14th floor
Web:http://www.mol.co.jp
So Paulo 01311000
Email:BRSAODOCEP@molliner.com
Brazil

MarubeniCorporation(Brazil) CONTACT

Telephone:551134661855
Av. Paulista 854, 12F Bela Vista
Fax:551134661936
Sao Paulo 01310913
Web:https://www.marubeni.com
Brazil

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Projectsubcontractors
Nosubcontractorslisted

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Projectnotes

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