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

Mermaid Maritime Expands Into US Offshore Market

BP Moves Indonesia CCUS Project Into Offshore Installation Phase

ABL Gets Papua New Guinea FSO Job

EnQuest Clears Key Hurdle for $833M Malaysia Offshore Deal

Israel Steps Up Mediterranean Gas Search

ADNOC Launches Global LNG Trading Powerhouse

Gastech 2026 to convene global energy leaders in Bangkok as Asia accelerates demand, LNG investment and system transformation

Floating Nuclear: A New Offshore Energy Frontier

Explosion at Qatar's Ras Laffan LNG Hub Injures 54, Leaves 18 Missing

Gulf Marine Services Restarts Ops of Evacuated Gulf Vessels

Current News

ConocoPhillips, CNOOC Put Penglai Field off China Into Full Operation

Mermaid Maritime Expands Into US Offshore Market

ONGC Nears Venezuela Operatorship Deals, Regains Russia’s Sakhalin-1 Stake

Fugro Secures India Deepwater Drilling ROV Contract

Vantris Energy Secures Petronas’ Offshore Drilling Work Orders

ADNOC, SLB Roll Out AI Platform Across More Than 120 Drilling Rigs

Oil Rises as Uncertainty Clouds US-Iran Peace Talks

India’s ONGC to Allocate Half of New Oil Storage to Strategic Reserves

Subsea7 Lands ‘Sizeable’ Contract for Work Offshore Brunei

FPSO for Azule Energy’s Angola Offshore Field Starts Taking Shape in China

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