MODEC, Inc.
Mitsui & Co., Ltd.
Mitsui O.S.K. Lines, Ltd.
Marubeni Corporation
March 22, 2013
Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation toParticipate in Ultra-Deepwater FPSO Chartering Project for Iracema Norte Areaof Brazilian Offshore Pre-Salt Oil Field
MODEC, Inc. (“MODEC,” head office: Chuo-ku, Tokyo; president: Toshiro Miyazaki),
Mitsui & Co., Ltd. (“Mitsui,” head office: Chiyoda-ku, Tokyo; president: Masami
Iijima), Mitsui O.S.K. Lines, Ltd. (“MOL,” head office: Minato-ku, Tokyo; president:Koichi Muto) and Marubeni Corporation (“Marubeni,” head office: Chiyoda-ku, Tokyo;
president: Teruo Asada) have agreed that Mitsui, MOL and Marubeni will invest in along-term charter business (“Project”) operated by MODEC for the purpose ofproviding a floating production, storage, and offloading system (“the FPSO,”) for use in
the Iracema Norte area of a pre-salt oil field off the coast of Brazil. The above 4companies (“Companies”) have entered into definitive agreements today.
This Project is subsequent to the long-term charter business for the purpose of providing
an FPSO for the use in the Iracema Sul area (*) in which the Companies invested
through Cernambi Sul MV24 B.V. For this Project, Mitsui, MOL and Marubeni will
invest in Cernambi Norte MV26 B.V. (“MV26”), a Dutch company established byMODEC. MV26 has signed a long-term chartering agreement with Tupi B.V., a Dutch
company owned by Petrobras Netherlands B.V. (65%), BG Overseas Holding Ltd.
(25%), and Galp Sinopec Brazil Services B.V. (10%). The FPSO will be chartered toTupi B.V. for 20 years under this chartering agreement signed in February 2013.
Construction of the FPSO will involve the conversion of a VLCC (very large crude oilcarrier), which will be renamed “FPSO Cidade de ITAGUAÍ MV26” upon its
completion. It will be deployed to the Iracema Norte area of the BM-S-11 block off thecoast of Brazil in the fourth quarter of 2015. The area is part of a deepwater oil field
located approximately 300 km south of Rio de Janeiro, Brazil. The oil is contained inthe pre-salt layer approximately 5,000 m beneath the seabed.
MODEC and Mitsui have already provided three FPSOs for pre-salt oil fields, and thiswill be their fourth pre-salt related FPSO chartering project. It is the third project of its
type for MOL and the second for Marubeni.
The Schahin Group, the joint bidder with MODEC for this Project as the local partner inBrazil, plans to invest up to 15% in MV26 by the commencement of the FPSO charter.
(*) Iracema Sul area was changed its name from Cernambi Sul area which wasdescribed in the news statement released by the Companies on March 22, 2012.
Outline of FPSO
Oil processing capacity

150,000 barrels per dayGas processing capacity280 million cubic feet per day

Oil storage capacity

1,600,000 barrels

Mooring type
Controlling stake of MV26

Spread mooring (at a depth of 2,240 meters)
Before the investment by
the Schahin Group
29.4%

After the investment by
the Schahin Group
25.0%

Mitsui & Co., Ltd.

32.4%

27.5%

Mitsui O.S.K. Lines, Ltd.

20.6%

17.5%

Marubeni Corporation

17.6%

15.0%

－15.0%MODEC, Inc.

Schahin Group※ Schahin will have a 15% stake at most in MV26. If under 15%, the ratio of the othershareholders will be increased on a pro-rata basis.

Contacts for further information:
MODEC, Inc.
General Affairs Department
Telephone: +81-3-5290-1200
Facsimile: +81-3-5290-1501
Mitsui & Co., Ltd.
Corporate Communications Division
Media Relations Department
Telephone: +81-3-3285-7596
Facsimile: +81-3-3285-9819
Mitsui O.S.K. Lines, Ltd.
LNG Carrier Division
Offshore Business Group
Telephone: +81-3-3587-6239
Facsimile: +81-3-3587-7748
Marubeni Corporation
Corporate Communications Department
Telephone: +81-3-3282-4260
Facsimile: +81-3-3282-2331