[Brazil] Marlim-1 (FPSO Anita Garibaldi MV33)

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[Brazil] Marlim-1 (FPSO Anita Garibaldi MV33)

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MODEC Awarded Letter of Intent by Petrobras Related to Marlim 1 FPSO
Tokyo, October 16, 2019

MODEC, Inc. ("MODEC") is pleased to announce that it has received a Letter of Intent (LOI) for the supply, charter, and operations of a Floating Production Storage and Offloading (FPSO) vessel for Marlim revitalization project from Petróleo Brasileiro S.A. ("Petrobras"). This marks MODEC's 16th project for the Brazilian market and the period of contract for the unit is 25 years.

The FPSO's first oil production is planned for 2022 and its operation is part of the Marlim cluster revitalization project. The field is 100% operated by Petrobras and is situated in the Campos Basin, in the northern region of the Rio de Janeiro State, 150 kilometers off the coast. The oil wells are at a water depth approximately 670 meters. The FPSO will be capable of processing 80,000 barrels of crude oil per day, 7.0 million standard cubic meter of gas per day, 390,000 barrels of water injection per day and will have minimum storage capacity of 1,000,000 barrels of crude oil. This is MODEC's sixth vessel in the Campos Basin since the company started to operate in the region in 2003.

MODEC is responsible for the engineering, procurement, construction, mobilization, chartering and operations of the FPSO, including topsides processing equipment as well as hull and marine systems. SOFEC, Inc., a MODEC group company, will design and supply the spread mooring system for the floating unit. In addition to the Marlim 1 FPSO, MODEC will also provide three more FPSOs for the country within the next years: the FPSO Carioca MV30, the FPSO Guanabara MV31 and the FPSO Almirante Barroso MV32. These FPSOs will be deployed in the pre-salt of Santos Basin.

"This new contract reflects our commitment with our operations in Brazil and with Petrobras," commented Yuji Kozai, President and CEO of MODEC. "Brazil is a key country in our business strategy and is about to enter a very promising period for the energy segment. Brazilian market and Petrobras have been supporting us by strengthening our position in global offshore oil and gas industry for nearly 20 years. It is our wish to continue to support the development of the local oil and gas industry, either through mature fields like the Marlim revitalization project as well as green field projects in the pre-salt, amongst others."

President and CEO of MODEC Brazil, Takashi Nishino highlighted the company's history in the region. "MODEC began its operations in Brazil back in 2003, precisely in the Campos Basin. We are very honored to receive a new contract for the region. Today, more than half of MODEC's employees around the world work in Brazil and more than 90% of our workforce in the country is composed of Brazilians. Our history in Brazil is a source of great pride for us."
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Re: [Brazil] Marlim-1 (FPSO Anita Garibaldi MV33)

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The FPSO’s operation is part of the Marlim cluster revitalization project. The field is operated by Petrobras and is situated in the Campos Basin, in the northern region of the Rio de Janeiro State, 150 km off the coast. The oil wells are at a water depth approximately 670 m.

MODEC is responsible for the engineering, procurement, construction, mobilization chartering and operations of the FPSO, including topsides processing equipment as well as hull and marine systems. SOFEC, Inc., a MODEC group company, will design and supply the spread mooring system for the floating unit.

The FPSO will be capable of processing 80,000 barrels of crude oil per day, 248 million standard cubic feet of gas per day, 390,000 barrels of water injection per day and will have minimum storage capacity of 1,000,000 barrels of crude oil. The first oil production by the FPSO is planned for 2022.

This is the 16th FPSO/FSO vessel which MODEC will provide in Brazil, as well as MODEC’s 6th vessel in the Campos Basin since the company started to operate in the region in 2003.
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Re: [Brazil] Marlim-1 (FPSO Anita Garibaldi MV33)

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Unit Name : FPSO Anita Garibaldi MV33
Field : Marlim field
Country : Brazil
Water Depth : 670 m
Mooring Type : SOFEC Spread Mooring
Storage Capacity : 1,000,000 bbls
Oil Production : 80,000 bopd
Gas Production : 248 mmscfd
Water Injection : 390,000 bwpd
New / Conv. : Conversion
Client : Petróleo Brasileiro S.A. (Petrobras)
Contract : EPCI + Time Charter
Scope of work : Engineering, Procurement, Construction, Mobilization, Installation, Operation & Maintenance
First Oil : Planned 2022
Charter Period : 25 years
Current Status : Under Construction (MODEC will own and operate)
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Re: [Brazil] Marlim-1 (FPSO Anita Garibaldi MV33)

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The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed on October 9, a loan agreement in project financing amounting to up to approximately USD352 million (JBIC portion) with Dutch company Marlim1 MV33 B.V. (MMV33), which is incorporated by MODEC, Inc. (MODEC), Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd., and Marubeni Corporation. This loan is provided under JBIC's Growth Investment Facility. The loan is co-financed with MUFG Bank, Ltd. (the facility agent), Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Société Générale, Clifford Capital Pte. Ltd., Standard Chartered Bank and BNP Paribas. The total co-financing amount is approximately USD969 million. Nippon Export and Investment Insurance (NEXI) will provide the insurance for a part of the loan by the private financial institutions.

The purpose of this loan is to finance long-term FPSO vessel chartering services to Petróleo Brasileiro S.A. (Petrobras), a state-owned oil company in Brazil for developing the Marlim oil field located off the coast of Brazil and in which Petrobras solely holds interests. In this project, MODEC will build an FPSO unit with the capacity to produce up to 80 thousand barrels of crude oil per day and 248 million cubic feet of gas per day, and store 1.0 million barrels of crude oil. MMV33 will provide FPSO vessel chartering services, including leasing, operation and maintenance services, to Petrobras for 25 years.

As oil developing companies in a number of countries have been actively developing offshore oil fields in recent years, the demand for new FPSO systems is expected to increase particularly in South America (namely Brazil) and the West African region. Petrobras is engaged in developing many offshore oil fields in Brazil. MODEC views Brazil as the most important market for the FPSO business. This project is the 13th FPSO vessel chartering service provided by MODEC to Petrobras.

In this project, Japanese companies are providing FPSO charter services while improving their technologies regarding the operations and maintenance of FPSO systems as well as increasing their project management know-how. This project will thus contribute to increasing and maintaining the international competitiveness of the Japanese offshore resource development industry. The Japanese government's Basic Plan on Ocean Policy emphasizes technology advancements for the development and commercialization of marine resources in waters around Japan. In this context, the business operation by MODEC and others on this project is also expected to contribute to the secure, stable supply of natural resources to Japan in the long term.

As Japan's policy-based financial institution, JBIC will continue to support Japanese companies in expanding their business to foreign countries including Brazil and Africa, which are particularly active in marine resources development, in order to maintain and increase the international competitiveness of the Japanese marine industry as well as to acquire strategically important resources for Japan.
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Re: [Brazil] Marlim-1 (FPSO Anita Garibaldi MV33)

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Re: [Brazil] Marlim-1 (FPSO Anita Garibaldi MV33)

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16 Jan 2023

MODEC announced that the FPSO Anita Garibaldi MV33, MODEC's newest platform, has arrived in Brazil, where its final commissioning will take place in a shipyard in the state of Espírito Santo. The FPSO will be installed at Marlim field, Campos Basin, and will be capable of processing 80,000 barrels of crude oil and 7 million cubic meters of gas per day.

In addition to the MV33, MODEC will also start operating the FPSO Almirante Barroso MV32 in 2023, the 1st chartered FPSO to be installed at Buzios field.
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Re: [Brazil] Marlim-1 (FPSO Anita Garibaldi MV33)

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MODEC’s FPSO Anita Garibaldi MV33 achieves First Oil and starts 25-year time charter

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MODEC, Inc. (“MODEC”) announced that the FPSO Anita Garibaldi MV33 achieved First Oil production on August 16th, 2023. Deployed for production operations at the Marlim field in the Campos Basin off the coast of Brazil, the FPSO is leased on a 25-year time charter contract to Petróleo Brasileiro S.A. (“Petrobras”), the Brazilian giant oil company. This is one of the longest charters for MODEC to date.

“This is MODEC's 14th project in partnership with Petrobras. We are proud to deliver the FPSO Anita Garibaldi MV33, which will play a critical role in Petrobras’ revitalization project in the Campos Basin,” says Soichi Ide, President & CEO of MODEC Offshore Production Systems (Singapore) Pte. Ltd.

“The implementation of the new platforms in the Marlim field this year represents greater longevity for our operations in the Campos Basin, whose production will increase significantly with the entry of the FPSO Anita Garibaldi. This project to revitalize the basin represents yet another learning experience for us, as well as an opportunity to contribute even more to the development of the region, as well as the local goods and services industry that serves us,” said Jean Paul Prates, Petrobras CEO.

The FPSO is the 16th FPSO/FSO vessel that MODEC has delivered to the Brazilian oil and gas sector. MODEC was responsible for its engineering, procurement, construction, and mobilization, including topsides processing equipment as well as hull and marine systems. SOFEC, Inc., a MODEC group company, was responsible for the design and procurement of the spread mooring system for the FPSO.

Moored some 150 kilometers off the coast of Rio de Janeiro, at a water depth of approximately 670 meters, the FPSO is capable of processing 80,000 barrels of crude oil and 7,000,000 cubic meters of gas per day and has a storage capacity of up to 1 million barrels of crude oil.

With a total overall weight of more than 40,000 tons, the topside is the largest the company has installed to date. The FPSO is also MODEC’s first to utilize the separation tank concept using the vessel’s cargo oil tanks in order to handle large volumes of produced water (up to 270,000 barrels per day) in the oil/water separation process.

“Delivering an FPSO to replace existing production facilities in the field was challenging in terms of design and engineering. The COVID-19 pandemic also brought unexpected and unprecedented challenges. Nevertheless, we are proud to have delivered the project safely through the teams’ hard work, solidarity and innovation,” Ide adds.
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