MODEC, Inc.
Mitsui & Co., Ltd.
Mitsui O.S.K. Lines, Ltd.
Marubeni Corporation
12th November, 2019
MODEC, Mitsui, MOL and Marubeni
to Proceed with the Deepwater FPSO Charter Project for
Búzios Field of Brazilian Offshore Pre-Salt Oil Field
MODEC, Inc. ("MODEC," head office: Chuo-ku, Tokyo; President & CEO: Yuji Kozai),
Mitsui & Co., Ltd. ("Mitsui," head office: Chiyoda-ku, Tokyo; President & CEO: Tatsuo
Yasunaga), Mitsui O.S.K. Lines, Ltd. ("MOL," head office: Minato-ku, Tokyo; President &
CEO: Junichiro Ikeda) and Marubeni Corporation ("Marubeni," head office: Chuo-ku,
Tokyo; President & CEO: Masumi Kakinoki) 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 ("the 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. The field is located approximately 180 kilometers from Rio de Janeiro, in the southeast coast of Brazil. FPSO will be moored in 1,900 meters water depth, in the year of 2022.
The Project is the seventh occasion under which the Companies have collaborated to operate FPSOs in Brazil.
Outline of the FPSO
Oil processing capacity | 150,000 barrels per day |
Gas processing capacity | 212 million cubic feet per day |
Oil storage capacity | 1,400,000 barrels |
Mooring type | Spread mooring ( at a water depth of 1,900 |
meters) | |
Shareholders of MV32
MODEC, Inc. | 35.0% |
Mitsui & Co., Ltd. | 35.0% |
Mitsui O.S.K. Lines, Ltd. | 20.0% |
Marubeni Corporation | 10.0% |
Contacts for further information
MODEC, Inc.
General Affairs Department
Telephone: +81-3-5290-1200
Facsimile: +81-3-5290-1505
Mitsui & Co., Ltd.
Investor Relations Division
Telephone: +81-3-3285-7657
Facsimile: +81-3-3285-9821
Mitsui & Co., Ltd.
Corporate Communications Division
Media Relations Department
Telephone: +81-3-3285-7596
Facsimile: +81-3-3285-9819
Mitsui O.S.K. Lines, Ltd.
Corporate Communication Division
Media Relations Group
Telephone: +81-3-3587-7015
Facsimile: +81-3-3587-7705
Marubeni Corporation
Corporate Communications Department
Media Relations Section
Telephone: +81-3-3282-2452
Facsimile: +81-3-3282-2331
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Disclaimer
Marubeni Corporation published this content on 12 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2019 06:54:09 UTC