Japanese firms form FPSO consortium

Five Japanese firms MODEC, Mitsui, MOL, Marubeni and Mitsui E&S have entered into an agreement to jointly invest in a long-term FPSO charter business.

Under the agreement, Mitsui, MOL, Marubeni and Mitsui E&S will invest in Libra MV31, a MODEC affiliate which has secured a long-term charter agreement for the deployment of the FPSO with Petrobras. The companies will jointly proceed with the project.

The FPSO will be named FPSO Guanabara MV31 and will be deployed at the Mero field located in the Libra block offshore Rio de Janeiro from 2021. The charter period of the FPSO is for 22 years.

MODEC, Mitsui, MOL, Marubeni and Mitsui E&S will hold 20.1%, 32.4%, 20.6%, 17.6% and 17.6% in the joint venture respectively.

The project is the fifth occasion under which the companies have collaborated to operate FPSOs in Brazil. In January, the same consortium of companies also agreed to team up on another FPSO project Sepia MV30, offshore the coast of Brazil.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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