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MODEC, Mitsui, MOL and Marubeni to proceed with deepwater FPSO charter project in Brazil's pre-salt

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Oilfield Technology,

Mitsui, MOL and Marubeni are to invest in a long-term charter business currently being promoted by MODEC for the purpose of providing a floating production, storage, and offloading system (FPSO) for use in the Búzios oilfield off the coast of Brazil. The four companies entered into related agreements today (12 November 2019).

Based on these agreements, Mitsui, MOL and Marubeni will invest in Buzios5 MV32 B.V. (MV32), a Dutch company established by MODEC, and the companies will proceed with the project jointly. MV32 has entered into a long-term charter agreement for the deployment of the FPSO with Petrobras, the Brazilian state oil company. The FPSO will be chartered for 21 years under this charter agreement which was signed on 24 September 2019.

The FPSO will be named FPSO Almirante Barroso MV32 and will be deployed at the Búzios field located in the giant pre-salt region of the Santos Basin. The field is located approximately 180 km from Rio de Janeiro, in the southeast coast of Brazil. FPSO will be moored in 1900 m water depth, in 2022.

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

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