MODEC: Issuance of Project Bond for FPSO Charter Project

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MODEC, Inc. on Thursday announced that an affiliate of MODEC has issued a project bond in the international capital markets outside Japan to refinance a Floating Production Storage and Offloading (FPSO) vessel chartered to the TUPI consortium led by Petróleo Brasileiro S.A. (“Petrobras”) which operates an oil field in Brazil, with the aim of strategically diversifying its financing sources for MODEC’s entire FPSO charter business.

MODEC is a leading provider of competitive oil and gas production services for the offshore oil and gas industry and is recognized as a world leading specialist for floating oil and gas production systems, including FPSOs.

In recent years, the number of FPSO charter projects simultaneously executed by MODEC is increasing and the scale of financing for these projects is also expanding.

In response to these changes in the business environment, the aims of issuing the project bond are to enhance MODEC Group’s financial stability by diversifying its financing sources for FPSO projects, as well as to secure financing flexibility for the future growth of the MODEC Group, the company stated.

Sea News, August 16