The contract requires Jurong Shipyard to repair and convert a very large crude carrier (VLCC) into a floating production storage and offloading (FPSO) vessel.
The deal is the 22nd FPSO conversion project that Jurong is working on with MODEC.
The FPSO, which is expected to be completed in the fourth quarter of 2015, will have a capacity for production and treatment of 80,000bpd of crude oil, 65,000bpd of produced water and 180 million standard cubic feet per day of gas.
The vessel will also store 1.7 million barrels of crude oil and deliver 132,000bpd of filtered, de-aerated seawater.
MODEC will operate the vessel on behalf of its client Tullow Ghana, a subsidiary of Tullow Oil.
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The FPSO will host several subsea tiebacks from three reservoirs in the Deep Water Tano block off the coast of Ghana, West Africa.
The TEN development project includes the collective development of three hydrocarbon accumulations, Tweneboa, Enyenra (formerly Owo) and Ntomme.
The fields lie in water depths of 1,000m-2,000m and the development is located 25km away from the Tullow Oil-operated Jubilee field.
A total of 33 wells are planned to be drilled, including 15 oil production, 15 water injection, one gas production and two gas injection wells.
Another 16 wells are expected to be drilled in the future, depending on production levels.
Hydrocarbon fluids from the wells will be collected at a subsea manifold tied back to the FPSO.