MODEC will team up with three fellow Japanese companies to invest in a long-term deepwater floating production, storage and offloading (FPSO) vessel charter project for work offshore Brazil.

Modec will team with Mitsui & Co, Mitsui OSK Lines and Marubeni Corporation to provide a vessel for work in the Tartaruga Verde and Tartaruga Mestiça oilfields.

The three will invest in a Dutch company established by Modec, Tartaruga MV29, which in turn has entered into a long-term charter agreement for the deployment of the FPSO with Petróleo Brasileiro (Petrobras), the Brazilian state oil company.

The FPSO will be named FPSO Cidade de Campos dos Goytacazes MV29 and will be deployed at the Tartaruga Verde and Tartaruga Mestiça fields, located in the C-M-401 concession block.

The fields are located about 125 kilometres from Macaé, State of Rio de Janeiro in the southeast coast of Brazil.

The FPSO is set to have an oil processing capacity of 150,000 barrels per day and a gas processing capacity of 176 million cubic feet per day. It will also be able to store 1.6 million barrels worth of oil, Modec said.

It will be moored in 765 metres water depth in the fourth quarter of 2017, and will be chartered for 20 years under the charter agreement, which was signed on 27 February 2015.

Modec will hold a 29.4 per cent stake in MV29, with Mitsui to hold 32.4%, Mitsui OSK to hold 20.6% and Marubeni to hold 17.6%.

This is the fourth occasion under which the companies have collaborated to operate FPSOs in Brazil – with the four companies all working together first in 2012 for the conversion of a very large crude carrier into the FPSO Cidade de Mangaratiba MV24.