MODEC Secures Japanese Partners in Petrobras FPSO Project

MODEC Secures Japanese Partners in Petrobras FPSO Project
Three Japanese partners join MODEC to provide a floating production, storage and offloading vessel to Petrobras for the Tartaruga Verde and Tartar Mestica oil fields offshore Brazil.

Japan's MODEC Inc. announced Tuesday that Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd. (MOL) and Marubeni Corp. have signed agreements to invest in its long-term charter business to provide a floating production, storage, and offloading system (FPSO) for use in the Tartaruga Verde and Tartaruga Mestica oil fields off the coast of Brazil.

Under the agreements, Mitsui, MOL and Marubeni will invest in Tartaruga MV29 B.V. (MV29), a Dutch firm established by MODEC, to proceed with the project jointly.

MV29 has entered into a 20-year charter agreement Feb. 27 to deploy the facility, which will be named FPSO Cidade de Campos dos Goytacazes MV29, for Brazil's national oil company Petroleo Brasileiro S.A. (Petrobras).

The FPSO, which commences operations in the fourth quarter of 2017, will be deployed in water depths of 2,510 feet (765 meters) at the Tartaruga Verde and Tartaruga Mestica Fields in the C-M-401 concession block, approximately 77.6 miles (125 kilometers) from Macae, off Rio de Janeiro in the southeast coast of Brazil.

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