Japanese floating production giant Modec believes the prospects are good for the steady growth of large ultra-deepwater projects in which it specialises.

Nevertheless, the business environment in which the company operates is “undergoing significant changes” such as the promotion of renewable energy and the evolution of digital technologies, Modec said in its third-quarter report.

Therefore, Modec intends to “capture these changes and steadily develop its new businesses such as floating offshore wind power generation, offshore resource development and digital solution business while ensuring profits in existing businesses”.