MTOPS to Install Topsides for Petrobras’ FPSO

MODEC and TOYO Offshore Production Systems Pte. Ltd. (MTOPS), a Singapore joint company created by TOYO and MODEC, Inc., has been awarded a letter of intent from MODEC to install topsides units for a Floating Production, Storage and Offloading (FPSO) system.

This FPSO, named FPSO Cidade de Caraguatatuba MV27, will be deployed to an offshore oil field, which is under concession to a consortium comprised of three companies including Petróleo Brasileiro S.A. (PETROBRAS). The offshore oil field is located in the pre-salt layer about 5,000 meters beneath the seabed of the Carioca area (water depth: 2,100m), 300 km off the coast of Rio de Janeiro in Brazil. This FSPO will be installed in the area in June, 2016.

MODEC is a leading FPSO contractor with top-level credentials that has been awarded nine FPSOs to PETROBRAS. This is the fourth FPSO project by MTOPS for PETROBRAS followed by the FPSO Cidade de Itaguaí MV26.

TOYO is striving to enhance its business in the field of resource development, as part of the medium-term business plan NEXT TOYO 2015. TOYO has sought to expand its business domains in Brazil.

TOYO, November 8, 2013