MODEC has signed a co-operation agreement with Africa Finance Corporation (AFC), Africa’s major infrastructure solutions provider, to collaborate on floating production, storage, and offloading (FPSO) projects as well as other maritime infrastructure projects in Africa.
MODEC has extensive African experience, having delivered 11 FPSOs/FSOs/MOPU/TLPs in West Africa in the past.
Currently MODEC is providing charter service for FPSO Prof. John Evans Atta Mills in Ghana and operation and maintenance service (O&M) for FPSO Léopold Sédar Senghor in Senegal.
AFC is a multilateral financial institution, established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa.
With 45 member countries and having invested over $15 billion across the continent, AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs.
This co-operation agreement signed by MODEC and AFC represents a framework aiming at future cooperation and information exchange in technical studies, market studies, structuring of finance solutions and sourcing of potential projects for future maritime infrastructure space in Africa.
“We are honored and excited to execute the CA with AFC. Africa is a core market for us with infinite potential for offshore development. MODEC is committed to supporting the development of African countries through our offshore solutions,” said Hirohiko Miyata, MODEC Group President and CEO.