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 E&S Holdings Co., Ltd. (“Mitsui E&S”, head office: Chuo-ku, Tokyo; President & CEO: Takao Tanaka) have agreed that Mitsui, MOL, Marubeni and Mitsui E&S 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 Mero field off the coast of Brazil. The above five companies (“the Companies”) have entered into related agreements.

Based on these agreements, Mitsui, MOL, Marubeni and Mitsui E&S will invest in Libra MV31 B.V. (“MV31”), 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 180 kilometers from Rio de Janeiro, in the southeast coast of Brazil. FPSO will be moored in 2,100 meters water depth, in the year of 2021.

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

Outline of the FPSO

- Oil processing capacity: 180,000 barrels per day
- Gas processing capacity: 424 million cubic feet per day
- il storage capacity: 1,400,000 barrels
- Mooring type: Spread mooring (at a depth of 2,100 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 E&S Holdings Co., Ltd.: 9.3%

About MODEC

MODEC Offshore Production Systems (Singapore) Pte. Ltd. is a subsidiary of MODEC, Inc. MODEC is a general contractor specialising in engineering, procurement, construction and installation of floating production systems including FPSO vessels, FSO vessels, Tension Leg Platforms (TLPs), Production Semi-Submersibles, Floating LNG vessels, Mobile Offshore Production Units (MOPUs) and other new technologies which will meet the challenges of various types of gas production floaters. MODEC provides Floating Production System operation and maintenance services around the world.