TOYO Awarded Consecutive FPSO Topsides Units Projects in Brazil
Tokyo, Dec 21, 2012 (JCN) - MODEC and TOYO Offshore Production Systems Pte. Ltd. (MTOPS), a Singapore joint company created by Toyo Engineering Corporation (TOYO) and MODEC, Inc. (MODEC), has been awarded a letter of intent from MODEC to install topsides units for a Floating Production, Storage and Offloading (FPSO) system.
This FPSO, named FPSO Cidade de ITAGUAI MV26, will be deployed to an offshore oil field, which is under concession to a consortium comprised of four companies including Petroleo Brasileiro S.A. (Petrobras). The offshore oil field is located in the pre-salt layer about 5,000 meters beneath the seabed of the Iracema North area (water depth: 2,240m), 300 km off the coast of Rio de Janeiro in Brazil. This FSPO will be installed in the area in the fourth quarter of 2015.
MODEC is a leading FPSO contractor with top-level credentials that has been awarded nine FPSOs to Petrobras. This is the seventh FPSO project that TOYO will implement for MODEC, followed by the FPSO Cidade de Mangaratiba MV24 awarded in March 2012. This is also our 30th project in Brazil.
The ongoing project that TOYO is involved with in the country includes the MV24 project, the construction of utility facilities awarded in December 2011, and the construction of a gas processing plant by a Brazilian joint company (TS Participacoes e Investimentos S.A.) established in June 2012.
TOYO is working to enhance its business in the field of resource development, as part of the medium-term business plan NEXT TOYO 2015. TOYO has sought to expand its business domains in Brazil.
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