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

Samos Energy Buys Suksan Salamander FSO from Altera Infrastructure

Philippines Makes First Offshore Gas Discovery in Over a Decade

Thailand's Gulf Energy Eyes Long-Term LNG Supply

Jereh Group Delivers Oil Separation Systems for Petrobras’ FPSO Units

Low Demand, High Supply Keeps Asia LNG Spot Prices Flat

South Korean Firm Buys Into Indonesian Offshore Oil Block

Petronas, CNOOC Ink LNG Sale and Purchase Agreement

Saipem Nets Multibillion-Dollar Job at World's Largest Offshore Gas Field

Mubadala Energy, PLN Energy Primer Team Up for Andaman Sea Gas Supply

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

Current News

Seadrill Firms Up Offshore Drilling Workload with Multi-Region Contract Awards

Turkish Petroleum, Chevron Discuss Joint Oil and Gas Exploration

ADNOC Gas Signs $3B LNG Supply Deal with India’s HPCL

Samos Energy Buys Suksan Salamander FSO from Altera Infrastructure

Philippines Makes First Offshore Gas Discovery in Over a Decade

Woodside to Supply LNG to JERA During Japan's Winter Peak

Fugro, PTSC G&S Extend Partnership for Vietnam's Offshore Wind Push

Thailand's Gulf Energy Eyes Long-Term LNG Supply

OceanMight Gets Petronas’ Offshore Construction Job in Malaysia

Vantris Energy Lands Petronas Job on Malaysia’s Offshore Fields

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