Velan Inc.'s wholly owned subsidiary located in Lucca, Italy, has been awarded important contracts for the supply of three different types of valves to MODEC Offshore Production Systems (Singapore) Pte. Ltd. These orders represent a sales value of about $18 million and are scheduled for delivery by early 2019.

Velan ABV signed contracts with MODEC for the supply of API 6D and API 6A valves for their new floating production storage and offloading (FPSO) MV30 Carioca vessel. The FPSO will be deployed at the Sépia field operated by Petróleo Brasileiro S.A. (Petrobras), located in the giant “pre-salt” region of the Santos Basin some 250 kilometers off the coast of Rio de Janeiro, Brazil at a water depth approximately 2,200 meters.