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%