Mitsui, MOL and Marubeni have teamed up to invest in a long-term charter business operated by Modec for the purpose of providing a floating production vessel for use in the Iracema Norte area offshore Brazil.
The trio will invest in Cernambi Norte MV26, a Dutch company established by Modec and which has a long-term chartering agreement with Tupi BV, another Dutch company which is in turn owned by Brazilian semi-state oil company Petrobras (65%), BG Overseas Holding (25%), and Galp Sinopec Brazil Services (10%).
The FPSO will be chartered to Tupi B. for 20 years under this agreement signed in February 2013. A large trading tanker will be converted for the purpose.