As per the related agreements signed with Modec, Marubeni and MES will join Sepia MV30 B.V, a Dutch company launched by Modec.

MV30 will now be owned by Modec with 20.1% stake, Mitsui 32.4%, MOL 20.6%, Marubeni 17.6%, and MES with 9.3% interest.

Sepia MV30 is currently under a long-term charter agreement with Brazilian state oil company Petróleo Brasileiro (Petrobras), for the deployment of the FPSO vessel for a period of 21 years.

Under the terms of the charter deal signed in October 2017, Modec will be responsible for the engineering, procurement, construction, mobilization, installation and operation of the FPSO, including topsides processing equipment as well as hull and marine systems.

Petrobras plans to deploy the FPSO vessel at the Sépia field located in the pre-salt region of the Santos Basin, about 250km off the coast of Rio de Janeiro, Brazil at a water depth approximately 2,200m.

The FPSO will have capacity to process 180,000 barrels of crude oil per day, 212 million standard cubic feet of gas per day, 240,000 barrels of water injection per day. It has storage capacity of 1,400,000 barrels of crude oil.

Modec said: "This is the 13th FPSO/FSO vessel which MODEC will provide in Brazil, as well as MODEC’s 6th FPSO in the “pre-salt” following the FPSO Cidade de Angra dos Reis MV22, the FPSO Cidade de São Paulo MV23, the FPSO Cidade de Mangaratiba MV24, the FPSO Cidade de Itaguaí MV26 and the FPSO Cidade de Caraguatatuba MV27which has achieved the First Oil production in December 2016."