MODEC, Mitsui, MOL, and Marubeni to proceed with FPSO

22 November 2019

MODEC, Inc. (MODEC), Mitsui & Co., Ltd. (Mitsui), Mitsui O.S.K. Lines, Ltd. (MOL) and Marubeni Corporation (Marubeni) 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 Búzios field off the coast of Brazil. The above four companies have entered into related agreements on 12th November 2019.

Based on these agreements, Mitsui, MOL, and Marubeni will invest in Buzios5 MV32 B.V. (MV32), a Dutch company established by MODEC, and the Companies will proceed with the Project jointly. MV32 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 24th September 2019.

The FPSO will be named FPSO Almirante Barroso MV32 and will be deployed at the Búzios field located in the giant "pre-salt" region of the Santos Basin. FPSO will be moored in 1,900 meters water depth, in the year 2022.