Brazil's Schahin/Modec Consortium to Construct Offshore FPSO Vessel

CORDOBA, ARGENTINA--March 11, 2014--Researched by Industrial Info Resources (Cordoba, Argentina)--Brazilian state oil company Petróleo Brasileiro S.A. (NYSE:PBR) (Petrobras) (Rio de Janeiro, Brazil) signed a $1.2 billion contract with a consortium formed by Schahin Group (Sao Paulo, Brazil) and Modec Incorporated (Tokyo, Japan) to construct the floating production storage and offloading unit (FPSO) Cidade de Caraguatatuba. The consortium will be responsible for hull construction, module integration and vessel operation.