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MODEC, Mitsui, MOL and Marubeni to Proceed with the Deepwater FPSO Charter Project for Tartaruga Verde & Tartaruga Mestiça Oil Fields Offshore Brazil

Apr. 14, 2015


MODEC, Inc.
Mitsui & Co., Ltd.
Mitsui O.S.K. Lines, Ltd.
Marubeni Corporation


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MODEC, Inc. ("MODEC," head office: Chuo-ku, Tokyo; president: Toshiro Miyazaki), Mitsui & Co., Ltd. ("Mitsui," head office: Chiyoda-ku, Tokyo; president: Tatsuo Yasunaga), Mitsui O.S.K. Lines, Ltd. ("MOL," head office: Minato-ku, Tokyo; president: Koichi Muto) and Marubeni Corporation ("Marubeni," head office: Chiyoda-ku, Tokyo; president: Fumiya Kokubu) have agreed that Mitsui, MOL and Marubeni will invest in a long-term charter business ("the Project") currently promoted by MODEC for the purpose of providing a floating production, storage, and offloading system ("the FPSO") for use in the Tartaruga Verde and Tartaruga Mestiça oil fields off the coast of Brazil. The above four companies ("the Companies") have entered into related agreements today.

Based on these agreements, Mitsui, MOL and Marubeni will invest in Tartaruga MV29 B.V. ("MV29"), a Dutch company established by MODEC, and the Companies will proceed with the Project jointly. MV29 has entered into a long-term charter agreement for the deployment of the FPSO with Petróleo Brasileiro S.A. (Petrobras), the Brazilian state oil company. The FPSO will be chartered for 20 years under this charter agreement which was signed on 27 February 2015.

The FPSO will be named FPSO Cidade de Campos dos Goytacazes MV29 and will be deployed at the Tartaruga Verde and Tartaruga Mestiça Fields located in the C-M-401 concession block. The Fields are located approximately 125 kilometers from Macaé, State of Rio de Janeiro in the southeast coast of Brazil. FPSO will be moored in 765 meters water depth in the fourth quarter of 2017.

The Project is the fourth occasion under which the Companies have collaborated to operate FPSOs in Brazil.

Outline of the FPSO

Oil processing capacity 150,000 barrels per day
Gas processing capacity 176 million cubic feet per day
Oil storage capacity 1,600,000 barrels
Mooring type Spread mooring (at a depth of 765 meters)

Shareholders of MV29

MODEC, Inc. 29.4%
Mitsui & Co., Ltd. 32.4%
Mitsui O.S.K. Lines, Ltd. 20.6%
Marubeni Corporation 17.6%

Notice:
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.

Information

For inquiries on this matter, please contact

Mitsui & Co., Ltd.
Investor Relations Division
Telephone: +81-3-3285-7910
Facsimile: +81-3-3285-9821
infoTKADZ@mitsui.com
Mitsui & Co., Ltd.
Corporate Communications Division
Shuhei Iwanaga
Telephone: +81-3-3285-7596
Facsimile: +81-3-3285-9819
MODEC, Inc.
General Affairs Department
Telephone: +81-3-5290-1200
Facsimile: +81-3-5290-1505

Marubeni Corporation
Corporate Communications Department
Media Relations Section
Telephone: +81-3-3282-3243
Facsimile: +81-3-3282-2331
Mitsui O.S.K. Lines, Ltd.
Public Relations Office
Telephone: +81-3-3587-7015
Facsimile: +81-3-3587-7705