The companies Mitsui, MOL, Marubeni and MES will invest in a long-term charter business currently promoted by MODEC for the purpose of providing a floating production, storage, and offloading system (FPSO) for use in the Sepia Area off the coast of Brazil.

The five companies have entered into related agreements yesterday (9). Based on these agreements, Mitsui, MOL, Marubeni and MES will invest in Sepia MV30 B.V. (“MV30”), 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 Petrobras, the Brazilian state oil company. The FPSO will be chartered for 21 years under this charter agreement which was signed on 13 October 2017.