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MODEC, Mitsui, MOL, Marubeni and MES to Proceed with the Ultra-Deepwater FPSO Charter Project for Sepia Area of Brazilian Offshore Pre-Salt Oil Field

Jan. 9, 2018


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


Main Contents

MODEC, Inc. ("MODEC," head office: Chuo-ku, Tokyo; President & CEO: Toshiro Miyazaki), Mitsui & Co., Ltd. ("Mitsui," head office: Chiyoda-ku, Tokyo; President & CEO: Tatsuo Yasunaga), Mitsui O.S.K. Lines, Ltd. ("MOL," head office: Minato-ku, Tokyo; President & CEO: Junichiro Ikeda), Marubeni Corporation ("Marubeni," head office: Chuo-ku, Tokyo; President & CEO: Fumiya Kokubu) and Mitsui Engineering & Shipbuilding Co., Ltd. ("MES", head office: Chuo-ku, Tokyo; President & CEO: Takao Tanaka) have agreed that Mitsui, MOL, Marubeni and MES 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 Sepia Area off the coast of Brazil. The above five companies ("the Companies") have entered into related agreements today.

Based on these agreements, Mitsui, MOL, Marubeni and MES will invest in Sepia MV30 B.V. ("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 Petróleo Brasileiro S.A. (Petrobras), the Brazilian state oil company. The FPSO will be chartered for 21 years under this charter agreement which was signed on 13 October 2017.

Outline of the FPSO

Oil processing capacity 180,000 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 depth of 2,140 meters)

Shareholders of MV30

MODEC, Inc. 20.1%
Mitsui & Co., Ltd. 32.4%
Mitsui O.S.K. Lines, Ltd. 20.6%
Marubeni Corporation 17.6%
Mitsui Engineering & Shipbuilding Co., Ltd. 9.3%

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
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: +81-3-3282-4804
Facsimile: +81-3-3282-2331
Mitsui O.S.K. Lines, Ltd.
Public Relations Office
Telephone: +81-3-3587-7015
Facsimile: +81-3-3587-7705

Mitsui Engineering & Shipbuilding Co., Ltd.
Corporate Planning Department
Public Relations Section
Telephone: +81-3-3544-3147
Facsimile: +81-3-3544-3036