MODEC, Inc. (“MODEC”) announced that the FPSO MIAMTE MV34(“the FPSO”), operating in the Offshore Area 1 block in the Gulf of Mexico achieved the First Oil production on February 23, 2022. This is MODEC’s first project for Eni Mexico, a subsidiary of the integrated energy company Eni. MODEC was appointed by Eni Mexico for the supply, charter and operations of the FPSO in the Eni-operated Offshore Area 1 block in the Bay of Campeche in 2018. The charter contract will run for an initial 15 years, with options for extension every year thereafter up to five additional years.