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.
