Modec is forecasting a $250 million-plus loss for 2021 after escalating woes on some contracts for its floating production, storage and offloading vessels, forcing directors to take a pay cut for a year.

The Japanese floater specialist warned to expect a 30 billion yen ($263 million) loss for the financial year ending 31 December 2021.

The problems include the protracted suspension of operations on its Cidade de Santos FPSO, which is on charter with Petrobras in the Urugua-Tambau field in the Santos basin.