MODEC Secures Charter Extension for Its FPSO

Supplier and operator of offshore platforms MODEC has reached an agreement for a contract extension for the FPSO Cidade de Niterói MV18.

Namely, Brazilian oil and gas company Petrobras extended the charter with MODEC’s Dutch subsidiary, Opportunity MV18, with effect from February 2018 to March 2024.

Before the commencement of the time charter, MODEC carried out the engineering, procurement, construction, installation and commissioning of the FPSO.

The FPSO is operating in the Marlim Leste oil field which lies within the Campos Basin, offshore Brazil. The vessel started its employment in February 2009.

Moored in water depth of approximately 1,400 meters, the FPSO is capable of processing 100,000 barrels of crude oil per day, 3.5 million standard cubic meters of gas per day and has storage capacity of 1,600,000 barrels of crude oil.

The FPSO had successfully produced and offloaded nearly 120 million barrels of crude oil since the commencement of the charter to present day.

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