MODEC, Inc. announced the merger of its wholly owned companies, MODEC America, Inc. and SOFEC, Inc., effective January 1, 2026.

SOFEC will be fully integrated into the MODEC Group by becoming the new Mooring Solutions Business Unit. Importantly, the new Mooring Solutions Business Unit will maintain SOFEC's commitment to the wider offshore market. It will continue to provide SOFEC-branded mooring solutions for clients other than MODEC, ensuring the continuation of the same quality, performance, and reliability that SOFEC mooring systems have delivered for over 50 years, now with the strong backing and financial strength of the MODEC Group.

As an industry leader, MODEC has over half a century of experience and a strong track record, having delivered more than 50 floating production solutions for offshore oil and gas projects worldwide. In support of these projects, SOFEC, renowned for its cutting-edge permanent mooring systems and fluid transfer technologies, has supplied mooring systems for a total of 49 FPSOs/FSOs built by MODEC, including four currently under construction.

This strategic integration of the two companies, which have progressed together since 1988, further solidifies a long-standing and successful partnership, and marks a significant step toward strengthening our foundation as a “global leading player connecting the ocean and people,” enabling us to contribute to society through our distinctive floating solutions.

Hirohiko Miyata, Group President and CEO, commented on the strategic move:

"This strategic merger will allow the MODEC Group to provide an integrated project team to supply floating facilities with SOFEC mooring solutions to their clients, while enabling the Mooring Solutions Business Unit to support other floater providers with SOFEC-branded mooring solutions that deliver added value."

The impact of this merger on MODEC’s consolidated results and financial position is expected to be immaterial.

About MODEC

MODEC is a leading provider of floating production solutions such as Floating Production Storage and Offloading (FPSO) vessels to the offshore oil & gas industry. MODEC performs Engineering, Procurement, Construction and Installation (EPCI) activities for FPSOs, and further by owning and operating its own FPSOs, it provides oil companies around the world with comprehensive and competitive solutions for oil & gas production services.

About SOFEC

For 50 years, SOFEC (Specialized Offshore Facilities and Engineered Components) evolved from supplying Single Anchor Leg Mooring Systems in the U.S. to a proven and technically advanced supplier of mooring and fluid transfer systems for offshore energy companies, operating all over the world.

Today, SOFEC, a MODEC company, has completed more than 130 global projects, developing highly sophisticated technology with more than 80 worldwide patents. Our technology, primarily designed around the requirements for tanker mooring and fluid transfer facilities, meets the increasingly complex applications and operational conditions of the offshore energy industry. Our exceptional capabilities include predicting loads and motion on floating structures and the ability to design and construct specialty equipment successfully.