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MODEC, Mitsui, MOL And Marubeni To Proceed With Brazialian Deepwater FPSO Charter Project

Last updated on November 15th, 2019

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An agreement has been decided on by MODEC, Inc. (MODEC), Mitsui & Co., Ltd. (Mitsui), Mitsui O.S.K. Lines, Ltd. (MOL) and Marubeni Corporation (Marubeni). According to it, investment will be made by Mitsui, MOL and Marubeni in a long-term charter business (“the Project”) that MODEC is presently promoting in order to provide a floating production, storage, and offloading system (“the FPSO”) for usage in the Búzios field off the coast of Brazil.

On the 12th of November 2019, the four companies entered into the related agreements. According to the agreement, the investment will be made by Mitsui, MOL and Marubeni in Buzios5 MV32 B.V. (“MV32”) that is MODEC established Dutch company and the companies will take the Project forward together.

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A long-term term charter agreement has been entered into by MV32 for the deployment of the FPSO with the Brazilian state oil company, Petróleo Brasileiro S.A. (Petrobras). According to the charter agreement that was signed on the 24th of September 2019, FPSO will be chartered for 21 years.

Named as FPSO Almirante Barroso MV32, the FPSO will be deployed at the Búzios field that is situated in the giant “pre-salt” region of the Santos Basin. The field is situated about 180 kilometers away from Rio de Janeiro, on the southeast coast of Brazil. In 2022, FPSO will be moored in 1,900 meters of water depth.

It’s the seventh time with this project that the companies have come together for the operation of 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%

Reference: mol

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