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Modec Group News

10 May 2023

MODEC to Deliver Highly Complex FPSO for Equinor's $9B Project Offshore Brazil

Credit: MODEC

Japanese FPSO supplier MODEC has won a contract with Equinor to supply an FPSO vessel for the BM-C-33 block of the Campos Basin offshore Brazil. The order comes just days after Equinor and its partners Repsol Sinopec Brasil, and Petrobras took the $9 billion investment decision to develop the BM-C-33 project in Brazil. Located in the Campos Basin, BM-C-33 comprises three different pre-salt discoveries – Pão de Açúcar, Gávea and Seat – containing natural gas and oil/condensate…

09 May 2023

MODEC Confirms Its First FPSO Order in Guyana

Credit: MODEC

Japan's MODEC said Monday it would proceed with engineering, procurement, and construction on the Uaru FPSO vessel following a final investment decision on the Uaru offshore oil project by ExxonMobil in Guyana last month.The Uaru FPSO is named ‘Errea Wittu’, which means ‘abundance,’ and will be the fifth offshore FPSO in Guyana and the first to be supplied by MODEC. The first four, two of which are now in production in the Stabroek block off Guyana, were/will be delivered by SBM Offshore.Apart from supplying the Errea Wittu FPSO…

09 Feb 2022

Keppel Offshore & Marine Reels in $186M in New Contracts

©Keppel Offshore & Marine

Singapore's Keppel Offshore & Marine said Wednesday it had secured contracts worth around S$250 million (~$186 million) for the conversion of a Floating Storage and Regasification Unit (FSRU), integration of a Floating Production Storage and Offloading (FPSO) vessel, and the "jumboisation" of two Trailing Suction Hopper Dredgers (TSHD).For the first contract, Keppel Shipyard has received the Final Notice to Proceed (FNTP) from GAS-fifteen Ltd, a  GasLog Carriers subsidiary, for the conversion of a Liquefied Natural Gas (LNG) Carrier into an FSRU.

03 Jun 2021

MODEC Confirms Bacalhau FPSO Order

Credit: Modec

Japanese FPSO specialist MODEC has been awarded the contract for the delivery of an FPSO unit for Equinor's Bacalhau development.The EPCI contract award follows the final investment decision for the development of the field, announced by Equinor and its partners Tuesday. The development of the field located in the Santos Basin will cost around $8 billion.As previously reported, more than a year ago, Equinor and Modec signed a deal for the Front End Engineering Design (FEED) and pre-investment of the FPSO.MODEC now has a contract in hand for Engineering…

16 Aug 2019

MODEC Raises $1bln Bond for FPSO Project

Japanese FPSO provider MODEC has decided to issue project bonds to international investors to refinance a floating production, storage and offloading  (FPSO) vessel chartered to the TUPI consortium.TUPI consortium is led by Petrobras with the aim of strategically diversifying its financing sources for MODEC’s entire FPSO charter business.MODEC, a unit of Mitsui E&S Holdings that builds floating oil-drilling platforms, said that project bonds are issued against future revenue from the infrastructure projects they finance.This project bond was issued for the FPSO Cidade de Mangaratiba MV24 which has been deployed and is currently in operation at the Iracema Sul (formerly Cernambi Sul) oil field…

21 Jun 2019

Modec Signs LOI for FPSO with Petrobras

MODEC Inc. received a letter of intent (LOI) from Petróleo Brasileiro for the supply, charter, and operations of a Floating Production Storage and Offloading (FPSO) vessel for the Búzios field.The firm time charter period of the contract is 21 years, it said in a press release.The new LOI will be the fifth FPSO deployed at the Búzios field, however it is the first chartered production unit for the region. Búzios is one of the offshore oil and gas fields in Brazil which forms part of the Transfer of Rights agreement signed in 2010.The Búzios field is 100% operated by Petrobras and is situated 180 kilometers off the coast of Rio de Janeiro…

19 Apr 2019

SOFEC Completes Mooring System for PFLNG

SOFEC, a MODEC Group company, has completed the engineering, supply, and delivery of a mooring system - chains and anchors - for Petronas'  Floating LNG 1 (L) Ltd.According to a press release from MODEC, this project included the engineering, supply and delivery of the replacement mooring legs and anchors for the external turret system.The PFLNG Satu has an external turret moored system that was designed to be moored in a water depth ranging from 70 to 200 meters.In March 2019, PFLNG1 relocated its PFLNG Satu vessel to the Kebabangan cluster field, offshore Sabah in Malaysia, which is located 90 kilometers northwest of Kota Kinabalu in 120 meters water depth.

19 Mar 2002

MODEC Aides FGL

MODEC Inc., announced that its wholly owned subsidiary, MODEC (USA) Inc. in partnership with the current management team of Friede & Goldman, Ltd. (FGL) has signed a contract with Friede Goldman Halter, Inc. to acquire the assets of Friede & Goldman Ltd. The acquisition is subject to approval by the United States Bankruptcy Court. Commenting on the agreement,. Paul Geiger Jr., President of Friede & Goldman, Ltd. said, “This acquisition led by the management team with the support of MODEC Group gives a tremendous boost to the business activities of FGL. We intend to aggressively market our services and designs to drilling contractors and to shipyards. Kenji Yamada, President & C.E.O. of MODEC Inc.