MODEC, Mitsui, MOL, Marubeni and MES to Proceed with the Ultra-Deepwater FPSO Charter Project for Sepia Area, Brazil

By Finance

MODEC, Inc. (MODEC), Mitsui & Co., Ltd. (Mitsui), Mitsui O.S.K. Lines, Ltd. (MOL), Marubeni Corporation (Marubeni) and Mitsui Engineering & Shipbuilding Co., Ltd. (MES) have agreed that Mitsui, MOL, Marubeni and MES will invest in a long-term charter business ("the Project") currently promoted by MODEC for the purpose of providing a floating production, storage, and offloading system ("the FPSO") for use in the Sepia Area off the coast of Brazil.

MODEC, Mitsui, MOL, Marubeni and MES to Proceed with the Ultra-Deepwater FPSO Charter Project for Sepia Area, Brazil

The above five companies have entered into related agreements today.

Based on these agreements, Mitsui, MOL, Marubeni and MES will invest in Sepia MV30 B.V. (MV30), a Dutch company established by MODEC, and the Companies will proceed with the Project jointly.

MV30 has entered into a long-term charter agreement for the deployment of the FPSO with Petróleo Brasileiro S.A. (Petrobras), the Brazilian state oil company.

The FPSO will be chartered for 21 years under this charter agreement which was signed on 13 October 2017.

Outline of the FPSO

 Oil processing capacity  180,000 barrels per day
 Gas processing capacity  212 million cubic feet per day
 Oil storage capacity  1,400,000 barrels
 Mooring type  Spread mooring(at a depth of 2,140 meters)

Shareholders of MV30

 MODEC, Inc.  20.1%
 Mitsui & Co., Ltd.  32.4%
 Mitsui O.S.K. Lines, Ltd.  20.6%
 Marubeni Corporation  17.6%
 Mitsui Engineering & Shipbuilding Co., Ltd.  9.3%

Source: MOL