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Modec-led consortium agree to Tartaruga Verde/Mestica FPSO project off Brazil

14th April 2015

Modec, Mitsui O.S.K. Lines, and Marubeni Corporation have agreed that Mitsui, MOL and Marubeni will invest in a long-term charter business currently promoted by Modec for the purpose of providing a floating production, storage, and offloading system for use in the Tartaruga Verde and Tartaruga Mestiça oilfields off the coast of Brazil

Modec, Mitsui O.S.K. Lines, and Marubeni Corporation have agreed that Mitsui, MOL and Marubeni will invest in a long-term charter business currently promoted by Modec for the purpose of providing a floating production, storage, and offloading system for use in the Tartaruga Verde and Tartaruga Mestiça oilfields off the coast of Brazil
The FPSO will be chartered for 20 years under this charter agreement which was signed on 27 February 2015.

The above four companies have entered into related agreements today, according to Modec.

Based on these agreements, Mitsui, MOL and Marubeni will invest in Tartaruga MV29 B.V. (MV29), a Dutch company established by Modec, and the companies will proceed with the project jointly.

MV29 has entered into a long-term charter agreement for the deployment of the FPSO with Petróleo Brasileiro S.A. (Petrobras), the Brazilian state oil company.

The FPSO will be chartered for 20 years under this charter agreement which was signed on 27 February 2015.

The FPSO will be named FPSO Cidade de Campos dos Goytacazes MV29 and will be deployed at the Tartaruga Verde and Tartaruga Mestiça Fields located in the C-M-401 concession block.

The fields are located approximately 125 kilometres from Macaé, State of Rio de Janeiro in the southeast coast of Brazil. FPSO will be moored in 765 metres water depth in the fourth quarter of 2017.

The project is the fourth occasion under which the companies have collaborated to operate FPSOs in Brazil.

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