Japan's MODEC, Toyo Engineering form JV
Japan’s MODEC and Toyo Engineering Corp have signed a deal to set up a joint venture company for the engineering, procurement, construction and installation (EPCI) business of floating production storage and offloading (FPSO) vessels, the companies said in a joint statement issued on August 5.
The companies have been collaborating for the past 15 years and the joint venture “will further deepen the form of collaboration and jointly strengthen the engineering and project management capabilities in order to carry out the challenging large-scale FPSO projects”, they said.
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The joint venture company will have its head office in Singapore and an initial capital of $10mn. MODEC will have a 65% stake while the rest will be owned by Toyo.