MOL Increases Stake in MODEC

Mitsui O.S.K. Lines, Ltd. completed the purchase on the market of 89,500 shares of common stock of MODEC, Inc. and along with the 10,162,300 shares already acquired in June 2023, MOL now holds a 15% stake in MODEC and will make it an equity-method affiliate.

MODEC is a leading company in the offshore oil and gas development industry, engaging in the entire process from Engineering, Procurement, Construction, and Installation (EPCI) of Floating Production, Storage, and Offloading (FPSO) systems to long-term leases and Operations & Maintenance (O&M) for more than 20 years. MOL has long focused on the potential of offshore resources and energy, and has teamed up with MODEC in the FPSO business as a way to contribute to the stable supply of energy.

In June 2023, MOL acquired a 14.86% stake in MODEC through a third-party allotment of new shares and signed a business alliance agreement.