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Mitsui Ocean Development & Engineering Co. (Modec)

Company Detail

Description

Mitsui Ocean Development & Engineering Co. (Modec) is a Japanese provider of engineering, procurement, construction and installation services for floating production systems used in offshore oil and gas operations worldwide, including floating production, storage and offloading vessels (FPSO), floating storage and offloading units (FSO), and tension leg platforms (TLPs). Founded in 1968 and based in Tokyo, the company opened a branch in Brazil in 2003. In that country, Modec has installed FPSO and FSO units in fields Bijupira, Salema, Espadarte Sul, Jabuti, Urugua/Tambau, Tupi, Guara, Waikiki Pero Inga, Marlim Sul, Roncador and Marlim Leste, and areas Iracema North and South. In 2015, the Japan Bank for International Cooperation approved a loan to finance the construction of a new FPSO vessel by TarmV29, a joint venture between Mitsui, Modec and Marubeni. TarmV29 will provide charter services to Petrobras for 20 years at the Campos basin's Tartaruga Verde and Tartaruga Mestiça fields, off Brazil's southeast coast.

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