Mitsui& Co., Ltd., Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation toParticipate in Ultra-Deepwater FSPO Chartering Project for Cernambi Sul Area ofBrazilian Offshore Pre-Salt Oil Field

Chartering, Trade and Commerce — By on March 22, 2012 at 4:22 PM

MODEC, Inc. (“MODEC, ” head office: Chiyoda-ku, Tokyo;president: Toshiro Miyazaki), Mitsui & Co., Ltd. (“Mitsui, ” head office:Chiyoda-ku, Tokyo; president: Masami Iijima), Mitsui O.S.K. Lines, Ltd.(“MOL, ”  head office: Minato-ku,   Tokyo; president: Koichi Muto) andMarubeni Corporation (Marubeni, head office: Chiyoda-ku, Tokyo; president:Teruo Asada) have agreed that Mitsui, MOL and Marubeni will invest in along-term charter business operated by MODEC for the purpose of providing afloating production, storage, and offloading system (“the FPSO, ”) for use inthe Cernambi Sul area of a pre-salt oil field off the coast of Brazil.Documents to this effect were signed today.

Under this agreement, Mitsui, MOL and Marubeni willinvest in Cernambi Sul MV24 B.V. (MV24), a Dutch company established by MODEC.MV24 has signed a long-term chartering agreement with Tupi B.V., a Dutchcompany owned by PETROBRAS NETHERLANDS B.V. (65%), BG OVERSEAS HOLDING LTD.(25%), and GALP ENERGIA E&P BRASIL B.V.(10%). The FPSO will be chartered toTupi B.V. for 20 years. Construction of the FPSO will involve the conversionof a VLCC (very large crude oil carrier), which will be renamed “FPSO Cidade deMangaratiba MV24.” It will be deployed to the Cernambi Sul area of the BM-S-11block off the coast of Brazilin the third quarter of 2014.

The area is part of a deepwater oil field locatedabout 300 km south of Rio de Janeiro, Brazil. The oilis contained in the pre-salt layer about 5, 000 m beneath the seabed. MODEC and Mitsui have already provided two FPSOs forthe pre-salt oil field, and this will be their third pre-salt related FPSOchartering project. It is the second project of its type for MOL and the firstfor Marubeni. The Schahin Group, which was the joint bidder for the projects asthe local partner in Brazil, will have a 15% stake in MV24 after the commencement of the FPSO charter.


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