Japanese FPSO leasing specialist MODEC, and compatriot Toyo Engineering Corporation have sealed a deal to form a joint venture company for the engineering, procurement, construction, and installation (EPCI) business of FPSO vessels.
The establishment of the joint venture company, named Offshore Frontier Solutions and based in Singapore, is subject to obtaining official permits and approvals from relevant authorities, the Japanese pair said.
“As offshore oil and gas development projects increase in scale and move into deeper waters, the durations of the client contracts for FPSOs have become long-term as well as FPSOs have increased in size and complexity. As one of the few companies that can address these large-scale FPSO projects, MODEC recognise the importance of enhancement of its engineering and project management capabilities to meet clients’ requirements and expectations. Furthermore, MODEC, as a leading company in the industry, is aiming to develop environmentally friendly technologies for next-generation FPSOs,” said MODEC.
Toyo is a global engineering group that has rich EPC experience in industrial facilities, such as oil & gas development, refinery, petrochemicals, fertiliser, and power generation, added MODEC.
For the past 15 years, MODEC has been collaborating with Toyo, which boasts a robust track record as a global engineering group, on the topside EPC scopes for several FPSO projects.
Through the establishment of the joint venture company, MODEC and Toyo will further deepen the form of collaboration and jointly strengthen the engineering and project management capabilities to carry out the challenging large-scale FPSO projects, and the two companies jointly aim to strengthen the technological capabilities and competitiveness in the FPSO industry, said MODEC.
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