Modec Venture Signs $1.125 Billion Loan With Five Japanese Banks

A venture owned by Modec Inc., Mitsui & Co., Mitsui O.S.K. Lines Ltd. and Marubeni Corp. signed a $1.125 billion loan to build a vessel for exploring the Cernabi South oilfield off Brazil.

The lenders are Bank of Tokyo-Mitsubishi UFJ Ltd., Sumitomo Mitsui Banking Corp., Mizuho Corporate Bank Ltd., Sumitomo Trust & Banking Co., and the government-run Japan Bank for International Cooperation.

The loan was disclosed in a statement from the Japan Bank for International Cooperation.

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