Modec revises up 2012 earnings

Modec Venture 11 FPSO located at the Santos-operated Mutineer-Exeter oilfields off Western Australia. March 2005

Modec Venture 11: a Modec FPSO working at the Santos-operated Mutineer-Exeter oilfields off Western Australia.

Santos

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Russell Searancke

 18 February 2013 01:48 GMT

Japanese floating production specialist Modec revised upward its 2012 net earnings to 5.1 billion yen ($55 million) due to higher revenues and foreign exchange gains.

Revenue in 2012 was 187 billion yen compared to 130 billion yen in 2011. Net income in 2011 was 3 billion yen.

Modec said it revised upward its 2012 net earnings and revenue "due to good progress on FPSO construction works". Profits were better than expected due to foreign exchange gains.

Modec, which is the world's third-ranked floating production company behind BW Offshore and SBM Offshore, will host an Analyst Meeting on 19 February to discuss its financial results and strategy.

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