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

Vessel Sector Deep Dive: WTIVs

Oil Prices Jump as Ships Come Under Fire in Strait of Hormuz

Jadestone Secures Gas Sales Deal for Fields Offshore Vietnam

Eni Makes Major Gas Discovery Offshore Indonesia

Strike Threat Grows at Ichthys LNG after Workers Reject Deal

Pertamina Unit to Operate Indonesia’s Lavender Block under 30-Year PSC

France Leads 15-Country Effort to Reopen Strait of Hormuz

INPEX Extends Pertamina LNG Pact, Signs Upstream MoU in Southeast Asia

Asian Buyers Rush for Russian Oil Amid Supply Disruption

Eni Advances Angola Gas Project, Secures $9B Credit Facility

Current News

Vessel Sector Deep Dive: WTIVs

Indonesia’s Mako Gas Project on Track for First Gas in 2027

CNOOC’s First Quarter Profit Rises on Higher Oil Prices, Output

UAE Exit Weakens OPEC, Raises Risk of Price War

United Arab Emirates Exits OPEC and OPEC+

Technology as Enabler of Energy Security in Offshore Asia

Saipem Poised for Middle East Repair Work After Iran War

Middle East Conflict Jolts Offshore Drilling Market

Bureau Veritas Expands Offshore Services with New Asia Hub

Valeura Charters Shelf Drilling’s Jack-Up Rig for Gulf of Thailand Ops

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