MODEC, Toyo to Form Engineering JV for Large-Scale FPSOs

Monday, August 8, 2022
Credit: MODEC (File Photo)

FPSO leasing specialist MODEC and Toyo Engineering Corporation have executed a deal to form a joint venture company for the Engineering, Procurement, Construction and Installation (EPCI) business of FPSO vessels. 

The establishment of the joint venture company, to be named Offshore Frontier Solutions and based in Singapore, is subject to obtaining official permits and approvals from relevant authorities.

MODEC said the move would boost its engineering and project management capabilities to meet clients’ requirements and expectations and help develop environmentally-friendly technologies for next-generation FPSOs.

"For the past 15 years, MODEC has been collaborating with TOYO, which boasts a robust track record as a global engineering group, on the topside EPC scopes for several FPSO projects. 

"Through the establishment of the joint venture company, MODEC and TOYO will further deepen the form of collaboration and jointly strengthen the engineering and project management capabilities in order to carry
out the challenging large-scale FPSO projects, and the two companies jointly aim to strengthen the technological capabilities and competitiveness in the FPSO industry," MODEC said.

MODEC will own 65% of the JV, with TOYO owning the remaining 35%

Categories: Engineering Activity FPSO Asia Floating Production

Related Stories

Turkey Discovers New Black Sea Gas Reserve

Turkey Discovers New Black Sea Gas Reserve

Scarborough FPU's Topsides and Hull Come Together in Major Engineering Feat (Video)

Scarborough FPU's Topsides and Hull Come Together in Major Engineering Feat (Video)

Strategic Marine Delivers Second Hybrid Fast Crew Boat to Malaysian Operator

Strategic Marine Delivers Second Hybrid Fast Crew Boat to Malaysian Operator

Current News

Synaptec Rolls Out Monitoring Tech to Tackle High-Voltage Cable Faults

Guyana Passes Bill Making Firms Liable for Oil Spill Damages

Turkey Discovers New Black Sea Gas Reserve

Norway Opens Bidding Round for Three Floating Wind Areas

Subscribe for OE Digital E‑News

Offshore Engineer Magazine