Investment in the Ultra-Deepwater FPSO Charter Project for Mero Area of Brazilian Offshore Pre-Salt Oil Fields

LONDON--()--

This announcement is for our U.S.$5,000,000,000 Euro Medium Term Note Programme.

May 11, 2018

For Immediate Release

To Whom It May Concern

Mitsui & Co., Ltd.

Investment in the Ultra-Deepwater FPSO Charter Project for

Mero Area of Brazilian Offshore Pre-Salt Oil Fields

Mitsui & Co., Ltd. (head office: Chiyoda-ku, Tokyo; President & CEO : Tatsuo Yasunaga) has reached an agreement to invest in a long-term charter business currently promoted by MODEC, Inc. (head office: Chuo-ku, Tokyo; president: Toshiro Miyazaki), for the purpose of providing a FPSO for use in the Mero fields off the coast of Brazil, and executed relevant transaction documents today. The effects of this decision on Mitsui's profit forecast for the year ending March 2019 is expected to be minor.

Attachment: MODEC, Mitsui, MOL, Marubeni and Mitsui E&S to Proceed with the Ultra-Deepwater FPSO Charter Project for Mero Area of Brazilian Offshore Pre-Salt Oil Field.

For further information, please contact:

Mitsui & Co., Ltd.

Investor Relations Division Tel: +81-3-3285-7910

Corporate Communications Division Tel: +81-3-3285-7596

Notice:

This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements. This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.

MODEC, Inc.

Mitsui & Co., Ltd.

Mitsui O.S.K. Lines, Ltd.

Marubeni Corporation

Mitsui E&S Holdings Co., Ltd.

11th May, 2018

MODEC, Mitsui, MOL, Marubeni and Mitsui E&S

to Proceed with the Ultra-Deepwater FPSO Charter Project for

Mero field of Brazilian Offshore Pre-Salt Oil Field

MODEC, Inc. (“MODEC,” head office: Chuo-ku, Tokyo; President & CEO: Toshiro Miyazaki), Mitsui & Co., Ltd. (“Mitsui,” head office: Chiyoda-ku, Tokyo; President & CEO: Tatsuo Yasunaga), Mitsui O.S.K. Lines, Ltd. (“MOL,” head office: Minato-ku, Tokyo; President & CEO: Junichiro Ikeda), Marubeni Corporation (“Marubeni,” head office: Chuo-ku, Tokyo; President & CEO: Fumiya Kokubu) and Mitsui E&S Holdings Co., Ltd. (“Mitsui E&S”, head office: Chuo-ku, Tokyo; President & CEO: Takao Tanaka) have agreed that Mitsui, MOL, Marubeni and Mitsui E&S will invest in a long-term charter business (“the Project”) currently promoted by MODEC for the purpose of providing a floating production, storage, and offloading system (“the FPSO”) for use in the Mero field off the coast of Brazil. The above five companies (“the Companies”) have entered into related agreements today.

Based on these agreements, Mitsui, MOL, Marubeni and Mitsui E&S will invest in Libra MV31 B.V. (“MV31”), a Dutch company established by MODEC, and the Companies will proceed with the Project jointly. MV31 has entered into a long-term charter agreement for the deployment of the FPSO with Petróleo Brasileiro S.A. (Petrobras), the Brazilian state oil company, as the leader and operator of the Libra Consortium. The FPSO will be chartered for 22 years under this charter agreement which was signed on 14 December 2017.

The FPSO will be named FPSO Guanabara MV31 and will be deployed at the Mero field located in the Libra block. The field is located approximately 180 kilometers from Rio de Janeiro, in the southeast coast of Brazil. FPSO will be moored in 2,100 meters water depth , in the year of 2021.

The Project is the fifth occasion under which the Companies have collaborated to operate FPSOs in Brazil.

Outline of the FPSO

Oil processing capacity   180,000 barrels per day
Gas processing capacity 424 million cubic feet per day
Oil storage capacity 1,400,000 barrels
Mooring type Spread mooring(at a depth of 2,100 meters)

Shareholders of MV31

MODEC, Inc.   20.1%
Mitsui & Co., Ltd. 32.4%
Mitsui O.S.K. Lines, Ltd. 20.6%
Marubeni Corporation 17.6%
Mitsui E&S Holdings Co., Ltd. 9.3%

Contacts for further information

MODEC, Inc.

General Affairs Department

Telephone: +81-3-5290-1200

Facsimile: +81-3-5290-1505

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.

Corporate Communications Division

Public Relations Group

Telephone: +81-3-3587-7015

Facsimile: +81-3-3587-7705

Marubeni Corporation

Corporate Communications Department

Media Relations Section

Telephone: +81-3-3282-4260

Facsimile: +81-3-3282-2331

Mitsui E&S Holdings Co., Ltd.

Corporate Planning Department

Public Relations Section

Telephone: +81-3-3544-3147

Facsimile: +81-3-3544-3036

For diagrams omitted, please see our home page.

(http://www.mitsui.com/jp/en/release/2018/1226249_11215.html)

Short Name: Mitsui & Co., Ltd.
Category Code: MSCU
Sequence Number: 647183
Time of Receipt (offset from UTC): 20180511T081906+0100

Contacts

Mitsui & Co Ltd

Contacts

Mitsui & Co Ltd