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

Offshore Service Vessels: What’s in Store in 2025

AI & Offshore Energy: The Higher the Stakes, the More Value AI Creates

TVO Selects Collins to Head Australian Ops

Velesto’s Drilling Rigs Up for Automatization Overhaul Under New Tech Alliance

US Firm Finds Chinese Partner to Deliver Mobile Offshore Drilling Units

Global OTEC Presents OTEC Power Module for Remote Offshore Platforms

CRC Evans Secures Work at Qatar’s Largest Offshore Oil Field

MCDermott Gets Pipelines and Cables Job at Qatar's Giant Gas Field

SBM Offshore’s FPSO for ExxonMobil’s Guyana Oil Project Takes Final Shape (Video)

Shelf Drilling to Consolidate Jack-Up Fleet and Resolve Funding Gaps via Triangular Merger

Current News

Offshore Service Vessels: What’s in Store in 2025

ABS Approves Hanwha Ocean’s FPSO Design

AI & Offshore Energy: The Higher the Stakes, the More Value AI Creates

Floating LNG Conversion Job Slips Out of Seatrium’s Hands

Transocean’s Drillship to Stay in India Under New $111M Deal

INEOS Picks Up CNOOC’s US Assets in $2B Deal

Sunda Energy, Timor-Leste Gov Plan Accelerated Chuditch Gas Development

RINA to Conduct Pre-FEED Study for Petronas’ CCS Project in Malaysia

TotalEnergies Wraps Up Acquisition of SapuraOMV’s Gas Assets

Kuwaiti Oil and Gas Firm Exploring More Opportunities in Indonesia's Natuna Sea

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