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COMPANY PROFILE · FPSO

MODEC

Floating production EPCI, asset ownership, chartering and operations

Company Overview

MODEC, Inc. is a Tokyo-headquartered specialist in floating production systems, with corporate roots dating to 1968. Its FPSO-centered services include EPCI delivery, asset ownership, long-term chartering, production operations and maintenance.

According to MODEC’s Integrated Report 2025, the company had four FPSOs under construction and 21 FPSO/FSO units in operation as of April 2026. It had undertaken 53 floating production units and accumulated more than 350 years of operating experience.

Business Models and Core Capabilities

FPSO & FSOEPCIAsset Ownership & CharteringOperations & MaintenanceMooring SystemsM350 Newbuild Hull

MODEC may deliver an FPSO under an overall EPCI contract or hold the facility through a project company and provide long-term charter and operations services. Its exact role varies by contract: Mero 1 and Búzios 5 combine EPCI with long-term charter and O&M, while Uaru, Hammerhead, Gato do Mato and Raia combine EPCI with O&M periods of different lengths.

Representative Project Portfolio

Project FPSO Region / Status MODEC Model Term or Milestone
Mero 1 Guanabara MV31 Brazil / Operating EPCI, charter and O&M 22-year charter; first oil in 2022
Búzios 5 Almirante Barroso MV32 Brazil / Operating EPCI, charter and O&M 21-year charter; first oil in 2023
Uaru Errea Wittu Guyana / Late construction EPCI and O&M 10 years of O&M after first oil
Hammerhead Essequibo 1899 Guyana / Under construction FEED, EPCI and O&M 10 years of O&M after first oil
Gato do Mato Gato do Mato FPSO Brazil / Under construction FEED, EPCI and O&M 20 years of O&M
Raia Raia FPSO Brazil / Under construction EPCI and O&M One year of O&M

Related projects and roles

  • Oil and gas development · Guyana

    Errea Wittu FPSO
    EPCI contractor

    Overall EPCI delivery of the Errea Wittu FPSO using the M350 newbuild hull concept, followed by 10 years of operations and maintenance.

    Scope
    Offshore facilities and operations
    Relationship start
    8 May 2023

  • Oil and gas development · Guyana

    Hammerhead

    The seventh offshore development in Guyana's Stabroek Block, centered on the Essequibo 1899 FPSO.

    EPCI contractor

    FEED and full EPCI delivery of the Essequibo 1899 FPSO, followed by 10 years of operations and maintenance.

    Scope
    Offshore facilities and operations
    Relationship start
    21 Apr 2025

  • Oil and gas development · Brazil

    Gato do Mato
    EPCI contractor

    FPSO FEED and overall EPCI delivery, followed by 20 years of operations and maintenance.

    Scope
    Offshore facilities and operations
    Relationship start
    1 Apr 2024

  • Oil and gas development · Brazil

    Mero

    A phased ultra-deepwater pre-salt development in Brazil's Santos Basin, comprising an early production system and four full-scale FPSO systems from Mero 1 to Mero 4.

    Shipowner / lessor

    Engineering, procurement, construction and mobilization of FPSO Guanabara MV31, followed by a 22-year charter and operations and maintenance services.

    Scope
    Offshore facilities and operations
    Relationship start
    19 Dec 2017

  • Oil and gas development · Brazil

    Búzios

    A major pre-salt field in Brazil's Santos Basin, developed in phases through 12 FPSO systems, with eight in production.

    Shipowner / lessor

    EPCI delivery of FPSO Almirante Barroso MV32, followed by a 21-year charter and operations and maintenance services.

    Scope
    Offshore facilities and operations

  • Oil and gas development · Brazil

    Raia
    EPCI contractor

    FPSO Raia EPCI delivery, followed by one year of operations and maintenance.

    Scope
    Offshore facilities and operations