The floating production, storage and offloading vessel will be used at an offshore oilfield at Brazil's Campos basin.
"Total contract revenues of the charter and operation of the FPSO including option periods could reach $ 1.2 billion," Modec said.
Shareholders of Modec include Mitsui Engineering & Shipbuilding, Mitsui and Morgan Stanley.
The vessel has a nine-year operation life and the option periods can be extended by six years.
The
