Japanese firm Modec reported that it had it won a contract with Petrobras to build a floating production and storage facility that will drill for oil off the coast of Brazil.

Rick Hall, president of Modec International Inc., said:

The contract represents a significant milestone for Modec in its efforts to partner with Petrobras "to start to develop the vast pre-salt reserves of the Santos Basin.

Click here ^[1] for full story.

Click here ^[2] for Modec's website.