Japan-based offshore floating platforms supplier Modec and Toyo Engineering have agreed to establish a new joint venture (JV) to focus on engineering, procurement, construction and installation (EPCI) of floating production storage and offloading (FPSO) vessels.

The JV is subject to obtaining official permits and approvals from relevant authorities, said Modec.

The current partnership expands the existing collaboration between Modec and Toyo for the past 15 years.

Under the new joint venture, Modec and Toyo are expected to further strengthen their collaboration and jointly strengthen the engineering and project management capabilities

The two companies will jointly enhance their technological and competitive strengths to support the challenging large-scale FPSO projects.

Furthermore, Modec and Toyo are expected to support the exploration of new technology and product opportunities, along with the development of eco-friendly FPSOs.

Modec offers floating production solutions, including FPSOs to the offshore oil & gas industry, and is engaged in EPCI activities by owning and operating FPSOs.

The company provides complete oil and gas production services to oil companies worldwide.

With the scale-up of offshore oil and gas projects, the contract durations for FPSOs increase, along with the size and complexity of the FPSOs, said Modec.

The company aims to enhance its engineering and project management capabilities to address the clients’ needs and expectations.

In addition, it aims to develop nature-friendly technologies for new-generation FPSOs.

Toyo is an engineering group with extensive EPC experience in industrial facilities, including oil and gas development, refinery, petrochemicals, fertiliser and power generation.

The company has a global network and aims to provide environment-friendly solutions.