Japan's MES Ventures into the FPSO Business

Mitsui Engineering and Shipbuilding Co., Ltd. (MES, President: Takao Tanaka) announced Monday the establishment of the FPSO (floating production, storage and offloading) Business Section within the Ocean Business Promotion Department. Effective Feb. 1, this new section will handle all operations and management related to our participation in FPSO chartering-related businesses.

MES is implementing Mid-Term Business Plan 2014 (MBP14) to aim for the realization of a balanced business portfolio that ensures sustainable growth and solid profit stability. One of the core basic policies of MBP14 is the expansion of business engagement and related-service businesses. As part of this strategy, MES acquired shares of Cernambi Norte MV26 B.V., an FPSO chartering business company that operates in the Iracema Norte field of the pre-salt layer off the coast of Brazil, from MODEC, Inc. (MODEC, President: Toshiro Miyazaki; Headquarters: Chuo-ku, Tokyo). With this acquisition, MES will engage in the chartering business.

MES will continue to work toward business engagement and the expansion of related service businesses and aggressively invest in businesses conducting FPSO chartering. We will further enhance our cooperation with MODEC as we continue to focus on the Ocean Business Promotion Department.


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