Mitsui & Co Ltd: Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation to Participate in Ultra-Deepwater FPSO Chartering Project for Iracema Norte Area of Brazilian Offshore Pre-Salt Oil Field UK Regulatory Announcement LONDON This announcement is for our U.S. $5,000,000,000 Euro Medium Term Note Programme MODEC, Inc. (“MODEC,” head office: Chuo-ku, Tokyo; president: Toshiro Miyazaki), Mitsui & Co., Ltd. (“Mitsui,” head office: Chiyoda-ku, Tokyo; president: Masami Iijima), Mitsui O.S.K. Lines, Ltd. (“MOL,” head office: Minato-ku, Tokyo; president: Koichi Muto) and Marubeni Corporation (“Marubeni,” head office: Chiyoda-ku, Tokyo; president: Teruo Asada) have agreed that Mitsui, MOL and Marubeni will invest in a long-term charter business (“Project”) operated by MODEC for the purpose of providing a floating production, storage, and offloading system (“the FPSO,”) for use in the Iracema Norte area of a pre-salt oil field off the coast of Brazil. The above 4 companies (“Companies”) have entered into definitive agreements today. This Project is subsequent to the long-term charter business for the purpose of providing an FPSO for the use in the Iracema Sul area (*) in which the Companies invested through Cernambi Sul MV24 B.V. For this Project, Mitsui, MOL and Marubeni will invest in Cernambi Norte MV26 B.V. (“MV26”), a Dutch company established by MODEC. MV26 has signed a long-term chartering agreement with Tupi B.V., a Dutch company owned by Petrobras Netherlands B.V. (65%), BG Overseas Holding Ltd. (25%), and Galp Sinopec Brazil Services B.V. (10%). The FPSO will be chartered to Tupi B.V. for 20 years under this chartering agreement signed in February 2013. Construction of the FPSO will involve the conversion of a VLCC (very large crude oil carrier), which will be renamed “FPSO Cidade de ITAGUAÍ MV26” upon its completion. It will be deployed to the Iracema Norte area of the BM-S-11 block off the coast of Brazil in the fourth quarter of 2015. The area is part of a deepwater oil field located approximately 300 km south of Rio de Janeiro, Brazil. The oil is contained in the pre-salt layer approximately 5,000 m beneath the seabed. MODEC and Mitsui have already provided three FPSOs for pre-salt oil fields, and this will be their fourth pre-salt related FPSO chartering project. It is the third project of its type for MOL and the second for Marubeni. The Schahin Group, the joint bidder with MODEC for this Project as the local partner in Brazil, plans to invest up to 15% in MV26 by the commencement of the FPSO charter. (*) Iracema Sul area was changed its name from Cernambi Sul area which was described in the news statement released by the Companies on March 22, 2012. Outline of FPSO Oil processing capacity 150,000 barrels per day Gas processing capacity 280 million cubic feet per day Oil storage capacity 1,600,000 barrels Mooring type Spread mooring (at a depth of 2,240 meters) Controlling stake of MV26 Before the investment After the investment by by the Schahin Group the Schahin Group MODEC, Inc. 29.4% 25.0% Mitsui & Co., Ltd. 32.4% 27.5% Mitsui O.S.K. Lines, 20.6% 17.5% Ltd. Marubeni Corporation 17.6% 15.0% Schahin Group － 15.0% *Schahin will have a 15% stake at most in MV26. If under 15%, the ratio of the other shareholders will be increased on a pro-rata basis. Contacts for further information: MODEC, Inc. General Affairs Department Telephone: +81-3-5290-1200 Facsimile: +81-3-5290-1501 Mitsui & Co., Ltd. Corporate Communications Division Media Relations Department Telephone: +81-3-3285-7596 Facsimile: +81-3-3285-9819 Mitsui O.S.K. Lines, Ltd. LNG Carrier Division Offshore Business Group Telephone: +81-3-3587-6239 Facsimile: +81-3-3587-7748 Marubeni Corporation Corporate Communications Department Telephone: +81-3-3282-4260 Facsimile: +81-3-3282-2331 Notice: This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements. This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us. For diagrams omitted, please see our home page. (http://www.mitsui.com/jp/en/release/2013/1200001_4686.html) Contact: Mitsui & Co Ltd
Mitsui & Co Ltd: Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation to Participate in Ultra-Deepwater FPSO
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