MODEC, Inc. is a Japan-based offshore energy engineering and services company that specializes in floating production systems for the oil and gas sector. Founded in 1968 and headquartered in Tokyo, it operates globally, with projects in regions such as Brazil, West Africa, Asia-Pacific, and the Gulf of Mexico.
The company designs, engineers, procures, constructs, installs, leases, and operates Floating Production Storage and Offloading (FPSO) and Floating Storage and Offloading (FSO) vessels, and provides operations and maintenance services throughout the asset lifecycle. Through its group company SOFEC, MODEC also supplies mooring and marine terminal systems. Its floating units support the development of deepwater and ultra-deepwater fields, enabling offshore processing, gas treatment, water injection, and crude storage for international and national oil companies.
chemXplore tracks 3 projects involving MODEC, of which one is active.
MODEC's role on them: EPCI, Operator, and Technology / equipment supplier.
1 new construction.
Contractors and licensors are recorded on this project For subscribers
Targeting: Natural gas (1), Natural gas condensates (petroleum) (1)
Portfolio concentrated into fewer countries, expected ~USD 20bn free cash flow 2026–2030; US, Brazil and Angola to drive growth; higher margins from high-grading and stepped-up exploration.
Strong cash generation and higher earnings supported a proposed 10% dividend rise to €0.70/share; Bacalhau ramp-up and a €318m renewables purchase shaped the quarter.
Inventory-driven earnings and Middle East volatility prompt €1.2bn stock build, kerosene output up 15–20%, €35m in fuel discounts at stations to date.
Lapa Southwest adds 25,000 barrels/day, boosting Lapa field to 60,000. Three wells tie-back to FPSO. Repsol focuses on Brazil for growth, with Raia Project set for 2028.
Bacalhau field in Brazil starts production with over 1 billion boe reserves, using advanced FPSO technology for efficient, low-emission output. Expected to create 50,000 jobs over 30 years.
By country, the most active first. active / all projects
