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MODEC and Toyo Engineering discussing FPSO alliance

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Oilfield Technology,

MODEC, Inc. has reached an agreement with Toyo Engineering Corp. to execute a Memorandum of Understanding to enter into discussions and to conduct a feasibility study regarding an alliance in the Engineering, Procurement, Construction and Installation (EPCI) business for FPSO vessels.

Subject to the result of the discussion and feasibility study, the business alliance also contemplates the establishment of a joint venture company by the end of 2021.

For the past 15 years, MODEC and TOYO have been collaborating on the topside EPC scopes for several FPSO projects.

Key expectations toward the business alliance are: enhancing engineering and project management capabilities; enhancing and optimising human resources and organisational structure; leveraging capacities to address multiple large-scale projects; more cost-competitive offering to secure projects; enhancing the profitability of the EPCI business through efficient cost estimate/reduction initiatives; developing new technologies applicable to next-generation FPSOs; and exploring new technology and product opportunities in growth markets for the realisation of a decarbonised society.

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