MODEC, Mitsui, MOL and Marubeni to Proceed with the Deepwater FPSO Charter Project for Offshore BrazilMODEC, Inc. (“MODEC,” head office: Chuo-ku, Tokyo; president: Toshiro Miyazaki),
Mitsui & Co., Ltd. (“Mitsui,” head office: Chiyoda-ku, Tokyo; president: Tatsuo Yasunaga),
Mitsui O.S.K. Lines, Ltd. (“MOL,” head office: Minato-ku, Tokyo; president: Koichi Muto)
and Marubeni Corporation (“Marubeni,” head office: Chiyoda-ku, Tokyo; president: Fumiya
Kokubu) 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 Tartaruga
Verde and Tartaruga Mestiça oil fields off the coast of Brazil. The above four companies
(“the Companies”) have entered into related agreements today.
Based on these agreements, Mitsui, MOL and Marubeni will invest in Tartaruga MV29 B.V.
(“MV29”), a Dutch company established by MODEC, and the Companies will proceed with
the Project jointly. MV29 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 20 years under this charter agreement which was signed on 27
The FPSO will be named FPSO Cidade de Campos dos Goytacazes MV29 and will be
deployed at the Tartaruga Verde and Tartaruga Mestiça Fields located in the C-M-401
concession block. The Fields are located approximately 125 kilometers from Macaé, State of Rio de Janeiro in the southeast coast of Brazil. FPSO will be moored in 765 meters water
depth in the fourth quarter of 2017.
The Project is the fourth occasion under which the Companies have collaborated to operate
FPSOs in Brazil.