Mitsui & Co Ltd: MODEC, Inc., Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation to Proceed with the Ultra

  Mitsui & Co Ltd: MODEC, Inc., Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd.
  and Marubeni Corporation to Proceed with the Ultra-Deepwater FPSO Chartering
  Project for Carioca 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: Fumiya Kokubu) have
agreed that Mitsui, MOL and Marubeni will invest in a long-term charter
business (“Project”) currently promoted by MODEC for the purpose of providing
a floating production, storage, and offloading system (“the FPSO”) for use in
the Carioca area of a pre-salt oil field off the coast of Brazil. The above 4
companies (“Companies”) have entered into definitive agreements today.

Based on these agreements, Mitsui, MOL and Marubeni will invest in Carioca
MV27 B.V. (“MV27”), a Dutch company established by MODEC, and the Companies
will proceed with the Project jointly. MV27 has signed a long-term chartering
agreement for the deployment of the vessel by the BM-S-9 Consortium –
Petrobras (45%), BG Group (30%) and Repsol Sinopec Brasil S.A. (25%). The FPSO
will be chartered for 20 years under this chartering agreement signed in
December 2013.

The FPSO will be named “FPSO Cidade de Caraguatatuba MV27” and will be
deployed to the Carioca area of the BM-S-9 block off the coast of Brazil in
the third quarter of 2016. 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.

The Project is the third occasion under which the Companies have collaborated
to operate FPSOs for pre-salt oil fields.

The Schahin Group, the joint bidder with MODEC for this Project as the local
partner in Brazil, has the option to invest up to 15% in MV27 prior to the
commencement of the FPSO charter.

Outline of the FPSO

Oil processing capacity   100,000 barrels per day
Gas processing capacity   177 million cubic feet per day
Oil storage capacity      1,600,000 barrels
Mooring type              Spread mooring (at a depth of 2,100 meters)

Shareholders of MV27

                           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 Group has the option to invest up to 15% in MV27. If Schahin Group
invests less than 15%, the ratio of the other shareholders will be adjusted on
a pro-rata basis.

Contacts for further information:

MODEC, Inc.
General Affairs Department
Telephone: +81-3-5290-1200
Facsimile: +81-3-5290-1505

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 Office
Telephone: +81-3-3587-6239
Facsimile: +81-3-3587-7748

Marubeni Corporation
Corporate Communications Department
Media Relations Section
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/2013/1201738_4686.html)

Contact:

Mitsui & Co Ltd
 
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