Participation in FPSO Chartering for North Part of Sapinhoa Field (former Guara Area) in Petrobras's Pre-salt Area

Mitsubishi Corporation (MC) is pleased to announce that a Joint Venture established by affiliated company of SBM Offshore N.V. ("SBM"), MC, and affiliated companies of Queiroz Galvao Oleo e Gas S.A. (QGOG), has executed a contract with GUARA B.V., a Dutch company belonging to the BM-S-9 Consortium (*1), for the 20 (twenty) years charter of a Floating Production, Storage & Offloading System (FPSO). The Joint Venture has also executed a contract for the 20 years operation of the same FPSO with Petroleo Brasileiro S.A.

Based on the contracts, the Joint Venture will deliver the FPSO for development of the north part of Sapinhoa oil field located off the shore of Brazil (*2). Upon completion of the engineering, procurement and construction (EPC) work, the FPSO will be named FPSO Cidade de Ilhabela.

SBM is responsible for the EPC work of the FPSO. The FPSO will include topside facilities to process 150,000 bpd of production fluids and to treat associated gas for 6,000,000 Sm3/day as well as facilities for compression, removal of carbon dioxide and hydrogen sulphide, and water injection (180,000 bpd). The FPSO is scheduled for delivery during the second half of 2014, and it is expected to be chartered for 20(twenty) years, contributing to oil production in Brazil.

In February 2011, MC signed a long-term cooperation agreement with SBM, to jointly pursue FPSO lease and operate projects worldwide, and this unit will be the first milestone project for this long-term cooperation. MC will continue to expand its FPSO business worldwide, mainly in Brazil, based on the long-term cooperation with SBM.

Notes:

*1: An establishment consisting of PETROLEO BRASILEIRO S.A. - PETROBRAS (Operator, 45%), BG E&P BRASIL LTDA (30%), and REPSOL SINOPEC BRASIL S.A. (25%).

*2:Located in block BM-S-9 in the Santos Basin at approximately 300 kilometres offshore and 2,140 metres water depth.