Aug 23, 2010 - MODEC announced that Petrobras, through its subsidiary PNBV, has signed a letter of intent for the supply, charter and operations of an FPSO for the BM-S-9 Block. MODEC will convert the VLCC Radiant Jewel into the FPSO Cidade de Sao Paulo MV23. The FPSO will have the capacity to process 120,000 barrels of oil or 150,000 barrels of total fluids per day. The FPSO, which will be installed on the Guara field, is scheduled for delivery during the fourth quarter of 2012. The Guara oil discovery, located in the Santos basin offshore Brazil in Block BM-S-9, is estimated to contain recoverable volumes of 1 to 2 Bboe. Petrobras, operator, holds 45% interest; BG Group holds 30%; and Repsol holds the remaining 25%.