Japanese floating production, storage and offloading stalwart Modec has landed the first contract for one of its recently unveiled next-generation hull designs targeting large field developments.
The Tokyo-based company said this week that it had finalised a turnkey agreement with ConocoPhillips to provide an FPSO for the Barossa development off Australia based on its new M350 hull design.
Modec, ranked as one of the largest floater contractors in the world alongside Netherlands-based rival SBM Offshore, told Upstream it developed the Modec Noah and M350 hulls in response to heightened market demand for large FPSOs with newbuild hulls rather than converted very large crude carriers.
