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.

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 kilometres off the coast of Rio de Janeiro, Brazil at a water depth approximately 2,200 meters.

The scope of supply consists of over 1,500 medium, high and ultra-high pressure forged valves, both soft and metal seated zero leakage, as well as high-pressure axial check valves.