[Brazil] FPSO Cidade de Campos dos Goytacazes MV29

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The FPSO Cidade de Campos dos Goytacazes MV29 is deployed for operations in the Tartaruga Verde and Tartaruga Mestiça fields in the Campos Basin off the coast of Brazil.

MODEC was responsible for the engineering, procurement, construction, mobilization and installation of the FPSO, including topsides processing equipment as well as hull and marine systems. SOFEC, Inc., a MODEC group company, designed and provided the spread mooring of the FPSO.

Moored approximately 125 km from Macaé, State of Rio de Janeiro in the southeast coast of Brazil, in water depths of 765 m, the FPSO is capable of processing 150,000 barrels of crude oil per day, 176 million standard cubic feet of gas compression per day and has a storage capacity of 1,600,000 barrels of crude oil.

This is the 12th vessel (FPSO/FSO) that MODEC has delivered to the Brazilian oil & gas sector, as well as the 10th vessel for Petrobras.

MODEC owns the FPSO and provides the operation and maintenance service for the FPSO under 20 year charter contract.

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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.