Japanese consortium proceeds with Brazilian FPSO charter project

A Japanese consortium comprising MODEC, Mitsui & Co, Mitsui OSK Lines (MOL), Marubeni Corporation and Mitsui Engineering & Shipbuilding (MES) will invest in a long-term charter business currently promoted by MODEC to provide a floating production, storage, and offloading system (FPSO) for use in the Sepia Area off the coast of Brazil.

Mitsui, MOL, Marubeni and MES will invest in Sepia MV30, a Dutch company established by MODEC, and the companies will proceed with the project jointly. MV30 has entered into a long-term charter agreement for the deployment of the FPSO with Petrobras. The FPSO will be chartered for 21 years under this charter agreement which was signed on 13 October last year.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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