Offshore staff
TOKYO, Japan — MODEC and Toyo Engineering Corp. have established a joint venture company focused on the engineering, procurement, construction and installation (EPCI) of FPSOs.
Currently MODEC supplies and provides EPCI service for FPSOs to the offshore oil and gas, also owning and operating its own vessels.
However, as offshore oil and gas development projects grow in scale and move into deeper waters, client contracts for FPSOs are becoming longer term while the vessels continue to increase in size and complexity.
Although MODEC can address these large-scale FPSO projects, the company also recognizes the importance of enhancing further its EPC management capabilities to meet clients’ requirements and expectations. And it is aiming to develop environmentally friendly technologies for next-generation FPSOs.
TOYO is a global engineering group with EPC experience in oil and gas development, power generation, refineries, petrochemicals and fertilizer, with six autonomous EPC group affiliates working globally.
The two companies have been collaborating over the past 15 years on the topside EPC scopes for various FPSO projects. They aim to deepen this collaboration via the joint venture, strengthening their engineering and project management and technological capabilities for the larger, more complex FPSO projects.
They also plan to investigate development of environmentally friendly FPSOs for decarbonization programs.
08.05.2022
