Participation of Mitsui & Co., Ltd., Marubeni Corporation and Mitsui O.S.K. Lines, Ltd.
and Conclusion of Financing for Deepwater FPSO Chartering Project for TEN Oil Fields
Offshore Ghana

September 27, 2013

MODEC, Inc.
Mitsui & Co., Ltd.
Marubeni Corporation
Mitsui O.S.K. Lines, Ltd.

MODEC, Inc. ("MODEC," head office: Chuo-ku, Tokyo; president: Toshiro Miyazaki), Mitsui &Co., Ltd. ("Mitsui," head office: Chiyoda-ku, Tokyo; president: Masami Iijima), Marubeni
Corporation ("Marubeni," head office: Chiyoda-ku, Tokyo; president: Fumiya Kokubu) and Mitsui
O.S.K. Lines, Ltd. ("MOL," head office: Minato-ku, Tokyo; president: Koichi Muto) jointly
announce that Mitsui, Marubeni and MOL have participated in a long-term charter business(“Project”) operated by MODEC for the purpose of providing a floating production, storage, andoffloading system (the “FPSO”) for use in the Tweneboa, Enyenra, Ntomme (“TEN”) oil fields
offshore Ghana and a loan agreement for the Project was entered into today.

Mitsui, Marubeni and MOL invested in T.E.N. Ghana MV25 B.V. ("MV25"), a Dutch company
established by MODEC, which will engage in FPSO leasing, operations and maintenanceservices. In August 2013, MV25 concluded the charter agreement with Tullow Ghana Limited("Tullow Ghana"), the operator of TEN oil fields and a subsidiary of Tullow Oil plc. The charter
contract initially runs for 10 years, with options for extension every year thereafter up to 10
additional years.

The loan agreement on a project finance basis was signed by the Japan Bank for International
Cooperation ("JBIC"), Sumitomo Mitsui Banking Corporation (lead arranger), Bank ofTokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., ING Bank N.V., and ABN AMRO Bank N.V. This
is JBIC's first project finance for the FPSO project in Ghana.

West Africa has seen numerous significant discoveries of expansive offshore oil fields in recentyears, thereby giving rise to expectations of fresh demand for additional FPSO in the region.
TEN oil fields are owned by a consortium of five companies including Tullow Ghana as operator,
Anadarko Petroleum Corporation and Ghana National Petroleum Company. Construction of theFPSO through conversion of a VLCC (very large crude oil carrier) is planned to be completedand deployed in 2016 for the development of the TEN oil fields at water depths of about 1,500meters.

Outline of FPSO
Oil processing capacity

80,000 barrels per day

Gas processing capacity

170 million cubic feet per day

Oil storage capacity

1,700,000 barrels

Mooring type

External turret mooring (at a depth of 1,500 meters)

Controlling stake of MV25
Modec, Inc.

25.0％

Mitsui & Co., Ltd.

30.0％

Marubeni Corporation

25.0％

Mitsui O.S.K. Lines, Ltd.

20.0％

MapFor inquiries on this matter, please contact
MODEC, Inc.
General Affairs Department
Telephone: +81-3-5290-1200

Facsimile: +81-3-5290-1505

Mitsui & Co., Ltd.
Corporate Communications Division
Telephone: +81-3-3285-7596

Facsimile: +81-3-3285-9819

Marubeni Corporation
Corporate Communications Department
Telephone: +81-3-3282-4260

Facsimile: +81-3-3282-2331

Mitsui O.S.K. Lines, Ltd.
LNG Carrier Division, Offshore Business OfficeTelephone: +81-3-3587-6239

Facsimile: +81-3-3587-7748