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    6330   JP3607800004

TOYO ENGINEERING CORPORATION

(6330)
  Report
Delayed Japan Exchange  -  10:30 2022-09-28 pm EDT
574.00 JPY    0.00%
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08/08Announcement on Execution of Agreement regarding Establishment of Joint Venture Company with MODEC, Inc.
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Toyo Engineering : Announcement on Execution of Agreement regarding Establishment of Joint Venture Company with MODEC, Inc.

08/05/2022 | 02:51am EDT

August 5, 2022

For Immediate Release

To Whom It May Concern

Company Name: Toyo Engineering Corporation

President & CEO: Haruo Nagamatsu

Stock Code: 6330, Stock Listing: Tokyo Stock Exchange

Prime Market

Inquiries: Yoshifumi Shiraishi, General Manager of

Corporate Communications Department

TEL +81-47-454-1113

Announcement on Execution of Agreement regarding Establishment of

Joint Venture Company with MODEC, Inc.

Toyo Engineering Corporation ("TOYO", President & CEO: Haruo Nagamatsu) announced today that TOYO and MODEC, Inc. ("MODEC", President & CEO: Takeshi Kanamori) have executed today the agreement for the establishment of a joint venture company for the Engineering, Procurement, Construction and Installation (EPCI) business of Floating Production Storage and Offloading (FPSO) vessels.

The establishment of the joint venture company is subject to obtaining official permits and approvals of relevant authorities.

Notes

1. Purpose of establishing a Joint Venture Company

TOYO 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 6 autonomous EPC group affiliates widespread across the world. With this global network, TOYO is aiming for solutions emphasizing both "Aim to realize an environmentally-friendly society" and "Enrich people's lives".

MODEC is a leading provider of floating production solutions such as FPSOs to the offshore oil & gas industry. MODEC performs EPCI activities, and further by owning and operating its own 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. As one of the few companies that can address these large-scale FPSO projects, MODEC recognize the importance of enhancement of its engineering and project management capabilities to meet clients' requirements and expectations. Furthermore, MODEC, as a leading company in the industry, is aiming to develop environmentally-friendly technologies for next- generation FPSOs.

For the past 15 years, TOYO has been collaborating with MODEC which is one of the world's leading FPSO-related companies, on the topside EPC scopes for several FPSO projects. Through the establishment of the joint venture company, TOYO and MODEC will further deepen the form of collaboration and jointly strengthen the engineering and project management capabilities in order 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 TOYO and MODEC 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 realization of decarbonized society.

1 / 3

2. Outline of the Joint Venture Company

(1)

Name

Offshore Frontier Solutions Pte. Ltd.

(2)

Head Office

Singapore

(3)

Representative

To be nominated

(4)

Business

EPCI business for FPSOs

  1. Investment Ratio (*) 10 million United States dollars
  2. Shareholding ratios (*) MODEC Offshore Production Systems (Singapore) Pte. Ltd. ("MOPS", wholly owned subsidiary of MODEC) 65%
    TOYO 35%

(7) Date of establishment (*) August 2022 (planned)

  1. Originally established by MOPS alone, TOYO is scheduled to participate in the investment by around September 2022 (on the assumption that the approval of the relevant authorities is obtained).

3. Overview of joint venture partners

(1)

Name

MODEC, Inc.

(2)

Head office

Nihonbashi Maruzen Tokyu Building 4th & 5th Floors, 3-10,

Nihonbashi 2-chome,Chuo-ku, Tokyo 103-0027 Japan

(3)

Representative

Takeshi Kanamori, President & Chief Executive Officer

Engineering, Procurement, Construction and Installation, sales,

(4)

Business profile

leasing and operation services for floating offshore oil and gas

production facilities

(5)

Capital stock

30,122.49 million yen

(6)

Date of

June 1, 1987

establishment

Major shareholders

Mitsui E&S Holdings Co., Ltd. (49.10%)

(7)

and shareholding

Mitsui & Co., Ltd. (14.87%)

ratios

Capital relationship Not applicable

Relationship in

Not applicable

human resources

Relationship

Business

No business transactions in the last 12 months

(8)

between TOYO and

relationship

MODEC

Whether MODEC

falls within a

Not applicable

related party to

TOYO

  1. Consolidated financial results and financial position for the last 3 years

Accounting period

FY2019

FY2020

FY2021

Consolidated total

125,366 million yen

95,015 million yen

$554,759 thousand

equity

Consolidated total

assets

383,189 million yen

357,532 million yen

$3,425,542 thousand*

(*Consolidated total

liabilities and equity)

Consolidated net assets

2,161.43 yen

1,622.30 yen

$9.45

per share

Consolidated revenue

332,644 million yen

309,925 million yen

$3,899,748 thousand

Consolidated operating

(4,841) million yen

(21,614) million yen

($317,552) thousand

profit

Consolidated ordinary

294 million yen

(12,854) million yen

income

2 / 3

Comprehensive income

(18,227) million yen

(13,076) million yen

($363,975) thousand

attributable to Owners

of parent

Consolidated net income

(323.47) yen

(232.05) yen

($6.46)

per share

Dividend per share

45.00 yen

45.00 yen

15.00 yen

  • Consolidated financial statements have been prepared based on International Financial Reporting Standards since the term ended December 31, 2021 (FY2021).

(1)

Name

MODEC Offshore Production Systems (Singapore) Pte. Ltd.

(2)

Head office

9 North Buona Vista Drive, #21-01 The Metropolis Tower 1,

Singapore 138588

(3)

Title and name of

Soichi Ide, President & Chief Executive Officer

representative

(4)

Business profile

Engineering, Procurement, Construction and Installation services

for floating offshore oil and gas production facilities

(5)

Date of

August 25, 2003

establishment

Major shareholder

(6)

and shareholding

MODEC, Inc. (100%)

ratio

Capital

Not applicable

relationship

Relationship

Not applicable

in human

Relationship

resources

Business

Collaboration on the topside EPC scopes for FPSO

(8)

between TOYO and

relationship

projects

MOPS

Whether

MOPS falls

Not applicable

within a

related party

to TOYO

    • The capital stock of MODEC Offshore Production Systems (Singapore) Pte. Ltd. and the consolidated results of operations and consolidated financial position of the company over the last three years are not disclosed due to restrictions on disclosure of information under the joint venture agreement.
  1. Schedule

  2. Execution of the agreement for the establishment of the joint venture company: August 5, 2022
  3. Future Outlook
    Although TOYO expects that the impact of this matter on its consolidated financial results for the

fiscal year ending March 2023 will be minor, it will promptly disclose any matters that should be disclosed when necessary.

3 / 3

Disclaimer

Toyo Engineering Corporation published this content on 05 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2022 06:50:25 UTC.


© Publicnow 2022
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Sales 2023 218 B 1 509 M 1 509 M
Net income 2023 1 867 M 12,9 M 12,9 M
Net cash 2023 63 400 M 439 M 439 M
P/E ratio 2023 18,0x
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Nbr of Employees 4 037
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Number of Analysts 3
Last Close Price 574,00 JPY
Average target price 746,67 JPY
Spread / Average Target 30,1%
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Managers and Directors
Haruo Nagamatsu Executive Officer & GM-Infrastructure Project
Kensuke Waki Chief Financial Officer, Head-Finance & Accounting
Tomohisa Abe Manager-Asia Sales Group
Keisuke Ishii Chief Technology Officer
Masami Tashiro Independent Non-Executive Outside Director