Japan's MOL to Create Offshore Gas Project Arm

Japanese shipping company Mitsui OSK Lines (MOL) will create an offshore gas project division to focus on LNG projects, it said last week in a statement.

MOL said the new division will focus on floating storage and regasification units (FSRUs) and LNG-to-power vessels, floating production, storage and offloading units (FPSOs), shuttle tankers and other support vessel businesses.

The move is part of the company's restructuring process that will come into effect from April 1. At present, MOL has four operational FSRUs, as well as six FPSOs and three sub-sea support vessels.