The Americas driving revenue for Japan's Modec
Nearly 80% of revenue last year for floating oil and gas production facilities company Modec came from the Americas.
The bulk of regional revenue came from Brazil (US$1.9bn), followed by Guyana (US$824mn) and Mexico (US$84.3mn), the Tokyo-based group’s latest financials show.
In the case of Guyana, revenue jumped 600% due to the award of the Uaru FPSO for Esso Exploration and Production Guyana as part of the Stabroek block development.
Equinor Brasil Energia’s Raia FPSO order for the BM-C-33 block increased Brazil revenue by 14% while Mexico’s slid 45.6%.
Uaru and Raia are scheduled to enter service in 2026 and 2027, respectively.
Source: Modec
Modec is also working on the Bacalhau FPSO for Equinor Brasil Energia that is due online next year.
The company expects revenue this year to reach US$3.9bn driven by Uaru and Raia compared with US$3.57bn in 2023.
Modec’s just released 2024-26 business plan includes increasing the group’s scope to floating offshore wind, carbon-free alternative energy and providing digital solutions to help reduce greenhouse gas emissions.
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