MES Ventures into FPSO Chartering

Modec Japanese shipbuilder Mitsui Engineering and Shipbuilding is setting up a business section within its Ocean Business Promotion Department that will be engaged in Floating Production, Storage & Offloading vessels (FPSO) chartering businesses. The new business arm is becoming effective February 1 and will handle all operations and management related to the companys participation in FPSO chartering-related businesses. As part of the companys Mid-Term Business Plan 2014 (MBP14), MES acquired shares of Cernambi Norte MV26 B.V., an FPSO chartering business company that operates in the Iracema Norte field of the pre-salt layer off the coast of Brazil, from MODEC, Inc. The transaction will enable MES to engage in the chartering business. Cernambi Norte MV26 is a Dutch corporation with investments from Petrobras Netherlands B.V. (65%), BG Overseas Holding Ltd., (25%), and Galp Sinopec Brazil Services B.V. (10%). MES will continue to work toward business engagement and the expansion of related service businesses and aggressively invest in businesses conducting FPSO chartering. We will further enhance our cooperation with MODEC as we continue to focus on the Ocean Business Promotion Department, MES said.