For over 50 years, MODEC has been the leading provider of floating offshore solutions for the oil and gas industry. MODEC provides top-quality floating solutions designed to meet the unique requirements of its customers’ needs. Throughout its operations, MODEC remains committed to supporting humanity towards the future of energy development by harnessing the ocean in an environmentally sustainable way. With recent expansions in Malaysia and India, MODEC continues to leverage its talented workforce to sustain the steady growth of the offshore oil and gas industry.
Founded in 1968, MODEC has spent the last 50 years providing floating solutions to the offshore oil and gas industry. These include Floating Production Storage and Offloading (FPSO) and Floating Storage and Offloading (FSO) vessels which are the primary methods used across the oil and gas industry to deliver these products to market. FPSOs work by receiving fluid which includes crude oil, water and other things, which it then separates to produce crude oil, natural gas, water and impurities within the topside of the vessel. The crude oil is stored in tanks which can then be shuttled off to tankers for further refining on shore. These vessels are vital to the energy industry, however, often oil and gas deposits are located in locations and at depths that are difficult to access. Therefore, through the development of its FPSO and FSO vessels, MODEC is committed to developing and implementing these structures to meet the unique and often harsh conditions of the deposits to deliver customer satisfaction through every project.
MODEC currently has 20 FPSOs and FSOs in operation at offshore fields in places such as West Africa, Asia, Oceania, the Gulf Coast of Mexico, South America, Brazil and the North Sea. Across these projects, MODEC delivers the best services possible through turnkey solutions that harness the energy potential across the world. By ensuring that its vessels are equipped to manage the often-harsh conditions, MODEC ensures that each project’s life cycle is maximised to deliver significant returns for the customer and the global energy industry in the process.
As MODEC has continued to develop its FPSO and FSO delivery, it has developed two new types of hulls that are designed for the future of energy development. These vessels bring together the best in design and construction technology to deliver top-of-the-line FPSO and FSO projects that will see the next generation of energy production. In recent years, MODEC has developed the M350™ and the MODEC NOAH™ which will help it take its energy development potential to the next level through their innovative hull designs. However, aside from its development of new hull designs, MODEC also has a key role in converting oil tankers into FPSOs and FSOs. It has been re-developing oil tankers for over 40 years, and so has built a strong reputation within the global market as a leading oil tanker conversion company.
To achieve its delivery of new and redeveloped FPSO and FSO vessels, MODEC relies on its network of shipbuilders and shipyards around the world to fully implement its EPCI works on its projects. Across its global network, MODEC has more than 6000 employees across 15 countries worldwide who help it to achieve its project visions. In addition to this, MODEC also relies on outsourced shipyards and companies that help it achieve its projects using local knowledge and expertise. Through this network, MODEC can maintain its competitive low-price points, and achieve greater flexibility across its operations by building, and developing FPSO and FSO vessels utilising its connections on both a local and international scale.
MODEC continues to expand its network, in order to bring its floating production solutions to the oil and gas industry across even more of the globe. In May 2024, MODEC announced that it was opening a new office in Malaysia in order to expand its workforce and provide even greater services to Malaysia’s energy industry. The office would provide more than 200 new roles, spanning across the engineering and corporate side of operations which it aims to have filled by early 2025. The new office in Kuala Lumpur would become part of the Offshore Frontier Solutions Pte. Ltd., (OFS) a joint venture company formed by MODEC Inc. and Toyo Engineering Corporation in 2022. The company works across the EPCI of FPSO vessels.
The new office highlights MODEC’s investment in expansion to help it better service its customers on a global scale. President and CEO of OFS, Soichi Ide, outlined in the press release that “this expansion signifies our commitment to growth, innovation, and leveraging the diverse talent pool in the region”. Ide continues, “We are excited about this significant milestone in MODEC’s growth journey. The new office will be part of a strategic hub in this region that will provide high-quality and high-value support for our EPCI execution.” Ide’s comments highlight MODEC’s commitment to expansion and development by harnessing expertise across the world for the benefit of the global energy market.
The opening of the Malaysian office was followed only 5 months later by the partnership of OFS with Toyo Engineering India Private Limited to establish a global capability centre in Bengaluru, India. With this development, the joint venture company Toyo MODEC OFS India Private Limited will be formed which will execute Front End Engineering and Design (FEED) service and will provide vital procurement support for the topsides of FPSO projects. Soichi Ide comments on this announcement that “OFS India and OFS Malaysia allow us to adapt quickly to changing business needs and market demands. They also provide access to a diverse pool of skilled professionals that we can tap on to boost our expertise and innovation”. What we have seen across both of these developments is MODEC’s commitment to expanding its network and leveraging local expertise to build a global company at the forefront of floating offshore oil and gas development.
In addition to FPSOs and FSOs, MODEC also provides Tension Leg Platforms (TLPs), Production Semi-Submersible Platforms, FLNG and Floating Offshore Wind vessels. These make up the expansive role of MODEC in the oil and gas industry for developing projects and vessels that meet the specific needs of its customers. In fact, with the development of facilities for LNG (liquefied natural gas), MODEC is shaping its role as a key player in the future of more sustainable energy. LNG has already been marked as a vital energy source for the future due to its lower carbon emissions profile, than other fossil fuels. Therefore, its adoption across the energy sector will be a vital part of the future of energy development, and so implementing floating production facilities that can take natural gas from subsea reservoirs and convert it into liquid hydrocarbons provides a more practical means for storage transport. With the development of its projects towards the future of FLNG technologies, MODEC looks set on playing a valuable role in the future of sustainable energy development.
What underpins every operation by MODEC is a commitment to excellence, whether this is across its project development, network, or development of sustainable energy facilities for the future. Throughout every operation, MODEC is committed to delivering results for its customers that are priced competitively and supported by leading technology. As MODEC moves towards the future we look forward to seeing how it will continue to implement one of its current strategies towards digitalization and the adoption of AI. Through this development alongside its existing work, we look forward to seeing how MODEC will continue to help harness the energy potential of the world in a safer and more efficient way.
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