is a global supplier and operator of
offshore floating platforms.
Background
The company has headquarters in
Tokyo
Tokyo, officially the Tokyo Metropolis, is the capital of Japan, capital and List of cities in Japan, most populous city in Japan. With a population of over 14 million in the city proper in 2023, it is List of largest cities, one of the most ...
, Japan and regional offices in Angola, Australia, Brazil, Senegal, Belgium,
Ghana
Ghana, officially the Republic of Ghana, is a country in West Africa. It is situated along the Gulf of Guinea and the Atlantic Ocean to the south, and shares borders with Côte d’Ivoire to the west, Burkina Faso to the north, and Togo to t ...
, Ivory Coast, Indonesia, Mexico, Nigeria, Singapore, Thailand, United States and Vietnam.
MODEC holds 51% of the shares in
SOFEC, Inc and 20% of the shares in NATCO Japan Co., Ltd.
Mitsui Engineering & Shipbuilding
() is a Japanese heavy industries company. Despite its name, it no longer builds ships and now focuses mainly on production of high-value ship equipment such as Marine propulsion, engines and automated gantry cranes.
Mitsui E&S is the largest ...
holds around 18,700,000 shares which represents just over 50% of the company shares issued.
The company has operations in all major offshore regions and currently owns and operates 23
Floating Production Storage and Offloading vessels.
Company history
The company was founded in 1968. In the mid 1970s, MODEC began constructing jack-up drilling rigs.
The company's first offshore production vessel was the ''FPSO Kakap Natuna'' installed in April 1986 at the Kakap KH field in 88 meters water depth, approximately 175 miles west of Great
Natuna Island offshore
Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, ...
.
MODEC delivered its first
Tension leg platform (TLP) in 2001, which is installed on
El Paso
El Paso (; ; or ) is a city in and the county seat of El Paso County, Texas, United States. The 2020 United States census, 2020 population of the city from the United States Census Bureau, U.S. Census Bureau was 678,815, making it the List of ...
's ''Prince'' field in the Gulf of Mexico in 454 m (1,490 ft) water depth
In 2003, MODEC had an initial public offering and was listed on the second section of the Tokyo stock exchange.
In 2006, MODEC acquired SOFEC, Inc. and purchased 20% of the shares in NATCO Japan Co., Ltd
In 2007, MODEC entered into a joint development agreement with Velocys Inc. and Toyo Engineering Corporation to develop and commercialize gas to liquids technology for offshore applications.
MODEC has developed a proprietary
Semi-submersible
Semi-submersible may refer to a self-propelled vessel, such as:
*Heavy-lift ship, which partially submerge to allow their cargo (another ship) to float into place for transport
*Narco-submarine, some of which remained partially on the surface
*S ...
design called the Central Pontoon Semi (CP Semi) for use as a production platform, but has not yet gained any orders for this design.
From the announcement of the financial results for the year ending December 31, 2021, the currency used in the financial results was changed from
Japanese yen
The is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar and the euro. It is also widely used as a third reserve currency after the US dollar and the euro.
Th ...
to
United States dollars
The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...
.
See also
*
List of oilfield service companies
This is a list of oilfield service companies – which provide services to the petroleum exploration and production industry but do not typically produce petroleum. In the list, notable subsidiary companies and divisions are listed as sub-lists o ...
References
External links
Official site
{{DEFAULTSORT:Modec Inc.
Oilfield services companies
Engineering companies of Japan
Floating production storage and offloading vessel operators
Oil companies based in Tokyo
Manufacturing companies based in Tokyo
Companies listed on the Tokyo Stock Exchange
Mitsui
1968 establishments in Japan
Manufacturing companies established in 1968
Japanese brands