TOYO Secures Contract to Install Topsides Units on FPSO OSX 3 (Brazil)

MODEC and TOYO Offshore Production Systems Pte. Ltd. (MTOPS), a joint company created by Toyo Engineering Corporation and MODEC, Inc. established in Singapore, has been awarded a contract to install topsides units for a Floating Production, Storage and Offloading (FPSO) system by MODEC’s Singaporean subsidiary, MODEC Offshore Production Systems (Singapore) Pte. Ltd.

The FPSO will be delivered to OSX 3 Leasing B.V., a subsidiary of OSX Brasil S.A., a privately owned Brazilian oil development company. It will be used in oilfield exploitation work at Waikiki Pero Inga fields owned by an OSX group of companies, OGX and situated in the BM-C-39 block of Campos Basin off the coast of Brazil.

MODEC is a leading FPSO contractor with top-level credentials that has successfully delivered seven FPSOs to Brazil. This is the fifth order for a FPSO that TOYO has been awarded in alliance with MODEC, and MTOPS is currently installing topsides units for FPSO for Petrobras, a Brazilian state-owned oil company, with completion slated for the end of 2012. This is also the twenty-eighth project to be executed by TOYO in Brazil.

TOYO is striving to expand its business in the field of upstream activities such as resource development and FPSO. TOYO aims to secure more offshore resource development projects in close cooperation with MODEC.

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Source: TOYO, April 26, 2012; Image: OSX