Floater specialist Modec of Japan intends to form a joint venture company with compatriot Toyo Engineering to offer the full engineering, procurement, construction and installation scope for floating production, storage and offloading vessels.

As offshore oil and gas development projects increase in scale and move into deeper waters, the durations of the client contracts for FPSOs have become long-term and FPSOs have increased in size and complexity, Modec noted.

“As one of the few companies that can address these large-scale FPSO projects, we recognise the importance of enhancement of our engineering and project management capabilities to meet clients’ requirements and expectations,” the contractor said, explaining the rationale behind its tie-up with Toyo.