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We consider West

Source: SBM Offshore

Africa — where numerous offshore oil and gas fields have been discovered in recent years — as one of our most important core regions, and this contract award should geographically reinforce our business portfolio...

folio,” Modec chief exec, Yuji Kozai, is quoted as saying.

Tech alliances

On January 10, 2020, as we compiled this report, Modec has now operated three FPSOs in Ghana and Côte

Tokyo-based FPSO-enabler, Modec, was announcing a d’Ivoire and has supplied seven other ? oaters to Angola, building and technology alliance that will bring about Cameroon, Equatorial Guinea, Gabon and Nigeria.

Senegal’s ? rst-ever FPSO.

NOC Petrosen (the Senegal National Oil Company) will

Ultra-deep model join a partnership that includes Woodside’s African business,

Sangomar is a nice recovery for Modec after a Mexican but it’ll be Modec supplying the FPSO for the Sangomar EPCI project saw the company write-down $73 million.

Field Development Phase 1 in the deepwater off Senegal.

“They got burned on their FPSO contract in Mexico,” notes “A FEED and an Asian yard” – once a criticism – is today a McCaul, adding that other contractors could be hard-pressed successful business model, with Modec awarded the front-end to manage contract execution under local-content strictures.

engineering design contract for the FPSO and now the FPSO

Year 2019 started slowly for Modec, but in the ? nal purchase contract in the ? nal investment decision (FID) for three months, its four-company, ultra-deepwater technol-

Sangomar. The FPSO will deploy 100 kilometers (km) south ogy pact was being exported again en masse, this time to of Dakar, and is expected to be the country’s ? rst offshore oil Brazil. A $36.5 million loss in September was eclipsed by development. Scheduled for delivery in early 2023, the vessel year-end by full-year revenues of $2 billion. A deepwater will be moored in about 780 meters of water by an external business model was emerging based on “the four compa- turret mooring system supplied by Sofec, a Modec business. nies” – Modec, Mitsui & Co., MOL and Marubeni Corp.

The FPSO will be capable of processing 100,000 bpd, 130 – purchasing and chartering FPSOs for named ? elds. By

MMscfd of gas and 145,000 barrels of water injection per November 2019, new orders worth over $3 billion – as day, as well as storage for 1,300,000 barrels of crude.

much as all its previous new orders of the past four years “We consider West Africa – where numerous offshore combined – had accrued. Finally, too, construction mile- oil and gas ? elds have been discovered in recent years – as stone payments were helping out.

one of our most important core regions, and this contract

Then, in November, the heads of the four companies award should geographically reinforce our business port- agreed that the ? rst three would invest in long-term FPSO

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