MOL Increases Stake in MODEC

Tuesday, August 20, 2024

Mitsui O.S.K. Lines, Ltd. completed the purchase on the market of 89,500 shares of common stock of MODEC, Inc. and along with the 10,162,300 shares already acquired in June 2023, MOL now holds a 15% stake in MODEC and will make it an equity-method affiliate.

MODEC is a leading company in the offshore oil and gas development industry, engaging in the entire process from Engineering, Procurement, Construction, and Installation (EPCI) of Floating Production, Storage, and Offloading (FPSO) systems to long-term leases and Operations & Maintenance (O&M) for more than 20 years. MOL has long focused on the potential of offshore resources and energy, and has teamed up with MODEC in the FPSO business as a way to contribute to the stable supply of energy.

In June 2023, MOL acquired a 14.86% stake in MODEC through a third-party allotment of new shares and signed a business alliance agreement.

Categories: Vessels People Mergers & Acquisitions Industry News Floating Production

Related Stories

Seatrium Signs FLNG Vessel Upgrade Deal for Golar LNG

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

Inpex Kicks Off FEED Work for Abadi LNG Scheme Offshore Indonesia

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

Yinson Production Closes $1B Investment to Drive Further Growth

Fugro Lands Deepwater Gas Field Job in Southeast Asia

Keyfield Ventures into Indonesia’s Oil and Gas Market with New Partner

Current News

CNOOC Brings Online Another Oil and Gas Project in South China Sea

Technip Energies Gets FEED Job for Inpex’ Abadi LNG Project in Indonesia

Keppel, Seatrium in $53M Arbitration Case Over Brazil Corruption Scheme

Subsea7 Secures Work at Black Sea Field off Türkiye

CIP, Petrovietnam Team Up for Offshore Wind Project in Vietnam

Seatrium Signs FLNG Vessel Upgrade Deal for Golar LNG

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

PXGEO Nets First Seismic Survey off Malaysia

SPE Offshore Europe 2025 set to drive transformational change for the energy sector

Shipbuilder Delivers Fast Crew Boat Pair to Aesen

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com