Modec Forms FPSO Construction Joint Venture
FPSO provider Modec has executed an agreement for the establishment of a joint venture company with the Toyo Engineering Corporation for the Engineering, Procurement, Construction, and Installation business of FPSO vessels.
Modec said in a statement that the establishment of the joint venture company was subject to obtaining official permits and approvals from relevant authorities.
Modec is a leading provider of floating production solutions such as FPSOs to the offshore oil & gas industry. It performs EPCI activities, and further, by owning and operating its FPSOs, it provides oil companies around the world with comprehensive and competitive solutions for oil & gas production services.
As offshore oil and gas development projects increase in scale and move into deeper waters, the durations of the client contracts for FPSOs have become long-term as well as FPSOs have increased in size and complexity.
The company is only one of a select few that can address these large-scale FPSO projects. It also recognizes the importance of enhancement of its engineering and project management capabilities to meet clients’ requirements and expectations.
Furthermore, Modec, as one of the leading companies in the industry, is aiming to develop environmentally friendly technologies for next-generation FPSOs.
For the past 15 years, Modec has been collaborating with Toyo, which boasts a robust track record as a global engineering group, on the topside EPC scopes for several FPSO projects.
Through the establishment of the joint venture company, Modec and Toyo will further deepen the form of collaboration and jointly strengthen the engineering and project management capabilities to carry out the challenging large-scale FPSO projects, and the two companies jointly aim to strengthen the technological capabilities and competitiveness in the FPSO industry.
Furthermore, synergies between the duo are expected to be demonstrated in the exploration of new technology and product opportunities in growth markets as well as in the development of environmentally friendly FPSOs for the realization of decarbonized society.
As for Toyo, it is a global engineering group that has rich EPC experience in industrial facilities, such as oil & gas development, refinery, petrochemicals, fertilizer, and power generation. There are six autonomous EPC group affiliates widespread across the world.
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