MODEC Inc., Mitsui & Co. Ltd., Mitsui O.S.K. Lines Ltd., Marubeni Corp. and Mitsui Engineering & Shipbuilding Co. Ltd. have agreed that Mitsui, MOL, Marubeni and MES will invest in a long-term charter business currently promoted by MODEC for the purpose of providing a FPSO for use in the Sepia area off the coast of Brazil.

The above five companies entered into related agreements on Jan. 9.

Based on these agreements, Mitsui, MOL, Marubeni and MES will invest in Sepia MV30 BV, a Dutch company established by MODEC, and the companies will proceed with the project jointly.

MV30 has entered into a long-term charter agreement for the deployment of the FPSO with Petróleo Brasileiro SA (NYSE: PBR), the Brazilian state oil company.

The FPSO will be chartered for 21 years under this charter agreement which was signed on October 13, 2017.