Investment in the Deepwater FPSO Charter Project for Marlim Field of Brazilian Offshore Oil Fields

LONDON--(BUSINESS WIRE)-- 

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

January 30, 2020

For Immediate Release
To Whom It May Concern

Mitsui & Co., Ltd.

Investment in the Deepwater FPSO Charter Project for
Marlim Field of Brazilian Offshore 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 & CEO: Yuji Kozai), for the purpose of providing a FPSO for use in the Marlim field off the coast of Brazil, and executed relevant transaction documents today. The effect of this decision on Mitsui's profit forecast for the year ending March 2020 is expected to be minor.

Attachment: MODEC, Mitsui, MOL and Marubeni to Proceed with the Deepwater FPSO Charter Project for Marlim Field of Brazilian Offshore Oil Field.

For further information, please contact:

	Mitsui & Co., Ltd.
Investor Relations Division	Tel: [phone]
Corporate Communications Division	Tel: [phone]

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

 30th January, 2020

 

MODEC, Mitsui, MOL and Marubeni
to Proceed with the Deepwater FPSO Charter Project for
Marlim Field of Brazilian Offshore Oil Field

 

MODEC, Inc. (“MODEC,” head office: Chuo-ku, Tokyo; President & CEO: Yuji Kozai), 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) and Marubeni Corporation (“Marubeni,” head office: Chuo-ku, Tokyo; President & CEO: Masumi Kakinoki) have agreed that Mitsui, MOL and Marubeni 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 Marlim field off the coast of Brazil. The above four companies (“the Companies”) have entered into related agreements on 30^th January 2020.

Based on these agreements, Mitsui, MOL and Marubeni will invest in Marlim1 MV33 B.V. (“MV33”), a Dutch company established by MODEC, and the Companies will proceed with the Project jointly. MV33 has received a Letter of Intent for a long-term charter agreement for the deployment of the FPSO in October 2019 from Petróleo Brasileiro S.A. (Petrobras), the Brazilian state oil company. The FPSO will be chartered for 25 years under this charter agreement.

The FPSO will be named FPSO Anita Garibaldi MV33 and will be deployed at the Marlim field situated in the Campos Basin. The field is located approximately 150 kilometers from Rio de Janeiro, in the southeast coast of Brazil. FPSO will be moored in approximately 670 meters water depth, in the year of 2022.

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

Outline of the FPSO

Oil processing capacity	80,000 barrels per day
Gas processing capacity	248 million cubic feet per day
Oil storage capacity	1,000,000 barrels
Mooring type	Spread mooring（at a water depth of approximately 670 meters）

Shareholders of MV33

MODEC, Inc.	32.5%
Mitsui & Co., Ltd.	32.5%
Mitsui O.S.K. Lines, Ltd.	20.0%
Marubeni Corporation	15.0%

Contacts for further information

MODEC, Inc.
General Affairs Department
Telephone: [phone]
Facsimile: [phone]

Mitsui & Co., Ltd.
Investor Relations Division
Telephone: [phone]
Facsimile: [phone] 

Corporate Communications Division
Media Relations Department
Telephone: [phone]
Facsimile: [phone]

Mitsui O.S.K. Lines, Ltd.
Corporate Communication Division
Media Relations Team
Telephone: [phone]
Facsimile: [phone]

Marubeni Corporation
Corporate Communications Department
Media Relations Section
Telephone: [phone]
Facsimile: [phone]