Strengthening the business through the establishment of an FPSO EPCI joint venture with MODEC
First written in FY2023-Q1. 4 of 6 entries say "Advanced", first in FY2023-Q2. Latest entry: FY2025.
No other company in this theme has enough history to compare yet.
- FY2025AdvancedAnnual report
「OFS, an equity-method affiliate, signed contracts for and received orders for an FPSO project for Brazil in March 2025 and an FPSO project for Guyana in April 2025.」
For OFS, the joint venture with MODEC,INC., the company signed contracts for and received orders for an FPSO for Brazil in March 2025 and an FPSO for Guyana in April 2025. - FY2024AdvancedAnnual report
「In the hydrocarbon sector, which has long been a core business area, major orders received during the current consolidated fiscal year included a detailed design and procurement project for an acetylene black production facility in Thailand, as well as two EPCI projects through OFS (Offshore Frontier Solutions Pte. Ltd.), the joint venture with MODEC,INC., for an FPSO for the Republic of Guyana and an FPSO for Brazil.」
For OFS, the joint venture with MODEC,INC., activities progressed from project development and the FEED stage to the receipt of two FPSO EPCI orders, one for Guyana and one for Brazil. - FY2023AdvancedAnnual report
「The company is already carrying out FEED work for an FPSO project and is working diligently to secure an EPCI order.」
Following the establishment of OFS, the joint venture with MODEC,INC., the company progressed from sales activities for multiple promising projects to carrying out FEED work for an FPSO project and pursuing an EPCI order. - FY2023-Q3RestatedAnnual report
「The company established a joint venture in Singapore with MODEC,INC. to strengthen its FPSO business and began actively pursuing multiple promising projects.」
Following the establishment in Singapore of the joint venture with MODEC,INC. to strengthen the FPSO business, activities targeting multiple promising projects have continued. - FY2023-Q2AdvancedAnnual report
「In the biomass power generation business, while focusing on executing its 9 existing projects, the company established a joint venture with MODEC,INC. to strengthen its FPSO business and began actively pursuing multiple promising projects.」
The joint venture established to strengthen the FPSO business with MODEC,INC. was formed, and activities targeting multiple promising projects began. This marked progress from the agreement and preparation stage in the previous quarter to the project activity stage following establishment. - FY2023-Q1First statedAnnual report
「To strengthen its FPSO (Floating Production, Storage and Offloading system) EPCI (Engineering, Procurement, Construction and Installation) business, the company had continued discussions on a business alliance with MODEC,INC., including the possibility of establishing a joint venture. It has now reached final agreement on establishing the joint venture and executed the joint venture agreement on 5 August 2022. The company believes that establishing the joint venture agreed upon this time will further deepen the form of collaboration, jointly strengthen its engineering execution and project management capabilities for undertaking large-scale, high-complexity FPSO projects, and enhance its technological capabilities and competitiveness to further expand its FPSO business.」
The company states that it plans to advance its collaboration with MODEC,INC. through the establishment of a joint venture and strengthen its FPSO EPCI business. The joint venture is to be established in Singapore with capital of US$10 million, a 65% investment by MODEC,INC. and 35% by the company. It was scheduled to be established in August 2022, with the company planning to make its investment around September.