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.
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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