Modec Inc News

Exxon Mobil Corp. is preparing to approve its fifth oil production project in Guyana and is considering taking additional exploration acreage, the head of its Guyanese operations, Alistair Routledge, told Reuters in an interview. The efforts would add significantly to the $30 billion committed thus far by Exxon and Guyana partners Hess Corp and CNOOC Ltd. The latest development will cost about 27% more than the last, a new estimate showed, reflecting inflation and the larger scope of the project.

Offshore services company Havfram announced it has been awarded a contract from MODEC Offshore Production Systems (Singapore) Pte Ltd. (MODEC) for the pre-installation of the subsea mooring system for a floating production storage and offloading (FPSO) in 2022.MODEC’s parent company, MODEC, Inc., will supply this facility to Woodside, for deployment in Senegal as part of the Sangomar Field Development Phase 1 project. This phase will target approximately 230 million barrels of…

Brazilian state-run oil firm Petrobras plans to restart operations in the coming days at two ships used in offshore oil production that suffered coronavirus outbreaks, an executive told journalists during a call on Friday.Petrobras Exploration and Production Director Carlos Alberto de Oliveira said operations at the Cidade de Santos should restart over the weekend, and operations at the Capixaba should restart within 10 days. Both are large ships known as FPSOs.Brazil's offshore oil industry has been hit hard by the novel coronavirus.

The global floating production storage and offloading (FPSO) vessel market is expected to grow at a robust rate of 11.80% during the forecast period 2016 to 2026. Additionally, the revenue in the global FPSO vessel market is projected to reach up to US$8.30bn by the end of 2026.Growing demand for alternative sources of oil due to continual depletion of existing oil reserves drives the global FPSO vessel market, said a report by Transparency Market Research Market (TMR).On the basis of geography, Latin America held a large share until 2016. In the upcoming years Brazil is projected to hold a major share in the global floating production storage and offloading vessel market.

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…

The floating storage and offloading (FSO) vessel market is anticipated to surpass USD 30 billion by 2025, said a study.The FPSO market is set to witness vigorous growth on account of shifting trends toward offshore exploration & production driven by depleting onshore oil & gas reserves, said a market report by GM Insights.Development challenges including excessive costs, material transportation, environmental conditions and decommissioning associated with fixed infrastructures will further shift the industry focus toward the utilization of these vessels as an alternative, it said.Furthermore, advancement in subsea technologies along…

In Brazil, Keppel FELS Brasil Ltda (Keppel FELS Brasil) has been engaged by MODEC Offshore Production Systems (Singapore) Pte Ltd., part of the MODEC, Inc. group, to undertake the topside module fabrication and integration of the FPSO Carioca MV30, a Floating Production Storage and Offloading vessel (FPSO). This is the sixth FPSO collaboration between Keppel FELS Brasil and MODEC.In Singapore, Keppel Shipyard Ltd (Keppel Shipyard) has been entrusted with the conversion of a LNG Carrier to a Floating Storage and Re-gasification Unit (FSRU) by a leading global operator of oil and gas production vessels.Mr Chris Ong, CEO of Keppel O&M, said…

MODEC, Inc. subsidiary MODEC International Inc. has been awarded a contract by ConocoPhillips Australia, as operator of the Barossa joint venture, for the Front End Engineering Design (FEED) of a floating production storage and offloading (FPSO) vessel for Australian waters.Under the contract, MODEC will participate in the FEED on a competitive basis against a JV of two other contractors.Barossa is an offshore gas and light condensate project that proposes to provide a new source of gas to the existing Darwin LNG facility. The offshore development concept includes subsea production system and gas export pipeline as well as the FPSO, located approximately 300 kilometers north of Darwin, Australia.

Four Japanese companies will invest in a new company established by compatriot Modec with an aim to provide a floating, production, storage and offloading (FPSO) unit for the Petrobras-operated Sepia field offshore Brazil. "MODEC, Mitsui, Mitsui O.S.K. Lines, Marubeni Corporation and Mitsui Engineering & Shipbuilding Co have agreed to jointly invest in a long-term charter business currently promoted by MODEC, for providing a FPSO in the Sepia Area, off the coast of Brazil," said a press release. These companies have entered into related agreements for the FPSO project on January 9, 2018. The FPSO will be chartered for 21 years under this charter agreement which was signed on October 13, 2017.

Keppel Offshore & Marine's (Keppel O&M) wholly owned subsidiary Keppel FELS Brasil's BrasFELS shipyard in Brazil has delivered the Cidade de Campos dos Goytacazes MV29, a Floating Production Storage and Offloading (FPSO) vessel, to repeat customer MODEC Offshore Production Systems (Singapore) Pte. Ltd., an EPCI arm of the MODEC, Inc. group (MODEC). The FPSO was completed safely, on time and within budget, and departed the shipyard recently for the Bananal Bay in Brazil. It will subsequently be deployed in the Tartaruga Verde and Tartaruga Mestiça Fields, in the Campos Basin, off the coast of Rio de Janeiro, Brazil. Mr Kwok Kai Choong…

Shares in Dutch offshore oil industry services company SBM Offshore rose on Friday on a media report the company was close to settling a corruption probe with Brazilian authorities that has prevented it from bidding for work in a major market. The shares rose as much as 5.5 percent to a 17-day high of 15.29 euros after oil and gas magazine Upstream published an article indicating a deal was near, analysts said. SBM, which has been seeking a deal after being accused of paying bribes to executives of state-controlled oil company Petrobras, declined to comment. If it reaches a deal, SBM would be well placed to win a tender for the first floating production, storage and offloading (FPSO) platform for the giant Libra oil field offshore Brazil, KBC Securities analyst Tom Simonts said.

Keppel Offshore & Marine Ltd, through subsidiary Keppel FELS Brasil SA's BrasFELS shipyard, has been awarded a Floating Production Storage and Offloading (FPSO) module fabrication and integration project by its repeat customer MODEC Offshore Production Systems (Singapore) Pte. Ltd., a MODEC, Inc. group company, for a contract value of over BRL 500 million (SGD190 million). BrasFELS' work scope for this project comprises the fabrication and integration of nine topside production modules for the FPSO Cidade de Campos dos Goytacazes MV29. The vessel is expected to arrive at the shipyard by the first quarter of 2017 for the integration phase.

Keppel Offshore & Marine Ltd (Keppel O&M), through its subsidiary, Keppel FELS Brasil SA's BrasFELS shipyard has been awarded a Floating Production Storage and Offloading (FPSO) module fabrication and integration project by its repeat customer MODEC Offshore Production Systems (Singapore) Pte. Ltd., a MODEC, Inc. group (MODEC) company, for a contract value of over BRL 500 million (SGD190 million). BrasFELS' work scope for this project comprises the fabrication and integration of nine topside production modules for the FPSO Cidade de Campos dos Goytacazes MV29. The vessel is expected to arrive at the shipyard by the first quarter of 2017 for the integration phase.

Mitsui Engineering and Shipbuilding Co., Ltd. (MES) has established a new department to support the chartering of floating production, storage & offloading system vessels (FPSO) for marine oil and gas. Effective February 1, this new section within the Ocean Business Promotion Department will handle all operations and management related to our participation in FPSO chartering-related businesses. MES is implementing Mid-Term Business Plan 2014 (MBP14) to aim for the realization of a balanced business portfolio that ensures sustainable growth and solid profit stability. One of the core basic policies of MBP14 is the expansion of business engagement and related-service businesses.

Maersk Oil North Sea UK limited has contracted MODEC, Inc. to supply a floating storage and offloading (FSO) vessel for the Culzean development project in the U.K. Central North Sea. The contract awards MODEC responsibility for the engineering, procurement and construction (EPC) of the FSO, while the internal turret mooring system will be designed and supplied by MODEC subsidiary SOFEC, Inc. The FSO will feature receiving capacity of 25,000 barrels of condensate per day, with storage capacity of 350,000 barrels. MODEC president and CEO, Toshiro Miyazaki, noted that the new contract represents a milestone for the company as it marks MODEC's entry into the North Sea oil and gas industry. MODEC said it expects to deliver the complete unit to Maersk Oil UK in the first half of 2018.

MODEC, Inc. announced today that its FPSO Cidade de Itaguai MV26, operating in the Iracema Norte area of Lula field, in the Pre-Salt layer of Santos Basin offshore Brazil, has achieved First Oil production on July 31, 2015, five months ahead of the schedule anticipated under the contract. The FPSO is chartered by Tupi B.V., a subsidiary of Petroleo Brasileiro S.A. (Petrobras), under a 20-year lease and operation contract. Moored 240 kilometers off the coast of Rio de Jeneiro at a water depth of around 2…

MODEC, Inc., Mitsui & Co., Ltd. Mitsui O.S.K. Lines, Ltd., and Marubeni Corporation have agreed that Mitsui, MOL and Marubeni 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 Tartaruga Verde and Tartaruga Mestiça oil fields off the coast of Brazil. The above four companies have entered into related agreements today. Based on these agreements, Mitsui, MOL and Marubeni will invest in Tartaruga MV29 B.V. (“MV29”), a Dutch company established by MODEC, and the Companies will proceed with the Project jointly. MV29 has entered into a long-term charter agreement for the deployment of the FPSO with Petróleo Brasileiro S.A.

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) delivered the hull of a floating production, storage and offloading unit (FPSO) for MODEC, Inc. The FPSO hull sailed out from MES’ Chiba Shipyard on February 27, 2015. The FPSO will be chartered to a consortium formed by Petrobras (45%), BG Group (30%) and Repsol Sinopec Brasil S.A. (25%) after topside integration and commissioning work by MODEC. This is MES’ second FPSO hull, following Kerr-Mcggy Global Producer III delivered in 2000.

Keppel Offshore & Marine Ltd's (Keppel O&M) subsidiaries - Keppel FELS Brasil S.A. (Keppel FELS Brasil) and Keppel Shipyard Ltd (Keppel Shipyard) - have secured two contracts worth S$200 million from repeat customers. Keppel FELS Brasil's contract is with MODEC and Toyo Offshore Production Systems Pte Ltd (MTOPS), a joint-venture company between MODEC, Inc. and Toyo Engineering Corporation (TOYO), to integrate the topside modules of a Floating Production Storage and Offloading (FPSO) unit. This project will be carried out at BrasFELS, Keppel FELS Brasil's yard in Angra dos Reis, Rio de Janeiro, Brazil. In Singapore, Keppel Shipyard has been engaged by SBM Offshore N.V.

At the 151st Annual Meeting of the Members of ABS, and the subsequent meeting of the ABS Council, industry leaders were elected to serve on a number of bodies that contribute to the operation of the classification society as it fulfills its mission of promoting the security of life and property and preserving the natural environment. "ABS' strength as a global classification society is drawn from its membership and the many regional, national and technical committees that contribute to the process of developing practical, impartial and authoritative standards," said ABS Chairman Robert D. Somerville. •    Robert G. •    James G. •    Maria F. •    Chow Yew Yuen, Keppel Offshore & Marine USA Inc. •    Dr. Jen-Hwa Chen, Chevron Shipping Co. •    Dr.

MODEC, Inc., Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd. (MOL) and Marubeni Corporation have agreed that Mitsui, MOL and Marubeni will invest in a long-term charter business currently promoted by MODEC for the purpose of providing a floating production, storage and offloading system (FPSO) for use in the Carioca area of a pre-salt oil field off the coast of Brazil. The four companies have entered into definitive agreements today. Based on these agreements, Mitsui, MOL and Marubeni will invest in Carioca MV27 B.V., a Dutch company established by MODEC, and the Companies will proceed with the Project jointly. MV27 has signed a long-term chartering agreement for the deployment of the vessel by the BM-S-9 Consortium – Petrobras (45%), BG Group (30%) and Repsol Sinopec Brasil S.A. (25%).

Keppel FELS Brasil S/A's (Keppel FELS Brasil) yard in Angra dos Reis, Rio de Janeiro, Brazil - BrasFELS - has delivered FPSO Cidade de Sao Paulo 19 days ahead of schedule and with an excellent safety record. FPSO Cidade de Sao Paulo has a production capacity of 120,000 barrels of oil per day (bopd) and is able to compress 5 million cubic meters of gas per day. It is the first of two Floating Production Storage and Offloading (FPSO) projects BrasFELS is undertaking for MODEC and Toyo Offshore Production Systems Pte Ltd (MTOPS), a joint venture between MODEC, Inc. (MODEC) and Toyo Engineering Corporation (TOYO). For achieving an excellent safety performance throughout this two-year project, MTOPS awarded BrasFELS with a safety bonus in addition to an early delivery bonus.

Keppel’s yard in Brazil receives US$ 2-million in bonuses for safe and early delivery of Floating Production Storage & Offloading (FPSO) vessel. Keppel FELS Brasil S/A's (Keppel FELS Brasil) yard in Angra dos Reis, Rio de Janeiro, Brazil - BrasFELS - has delivered FPSO Cidade de Sao Paulo 19 days ahead of schedule and with an excellent safety record. FPSO Cidade de Sao Paulo has a production capacity of 120,000 barrels of oil per day (bopd) and is able to compress 5 million cubic metres of gas per day.