Ultra-deepwater FPSO charter project for Mero field

MODEC, Inc., Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd., Marubeni Corporation and Mitsui E&S Holdings Co., Ltd., have agreed to invest in a long-term charter business promoted by MODEC for the purpose of providing a floating production, storage, and offloading system (“the FPSOâ€?) for use in the Mero field off the coast of Brazil. These five companies have entered into related agreements today.

Based on these agreements, Mitsui, MOL, Marubeni and Mitsui E&S will invest in Libra MV31 B.V. (“MV31â€?), a Dutch company established by MODEC, and the companies will proceed with the Project jointly. MV31 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, as the leader and operator of the Libra Consortium. The FPSO will be chartered for 22 years under this charter agreement which was signed on 14 December 2017.

The FPSO will be named FPSO Guanabara MV31 and will be deployed at the Mero field located in the Libra block. The field is located approximately 180kms from Rio de Janeiro, in the southeast coast of Brazil. In 2021, the FPSO will be moored in 2,100 meters water depth. The Project is the fifth occasion under which the Companies have collaborated to operate FPSOs in Brazil.

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