Our History
Founded in 1968, MODEC has been providing competitive floating solutions for the offshore oil and gas industry and is recognized as a leading specialist in the industry.
![MODEC 50th Anniversary Website](/about/history/img/index_im01.jpg)
1968 | MODEC begins as Mitsui Ocean Development & Engineering Company in Tokyo, Japan. |
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1972 | Houston Office opens. |
1986 |
The first FPSO installed and starts operations. (awarded a contract in 1985). ![]() (Indonesia) |
1989 | MODEC (U.S.A.), INC. established in Houston, USA. |
1995 | MODEC obtains ISO9000 certification. |
1996 |
The first FPSO for Oceania region installed and starts operations. ![]() (New Zealand) |
1998 |
The first chartered FPSO starts operations. ![]() (Australia/East Timor) |
Singapore Office opens. | |
1999 | MODEC International LLC (currently renamed as MODEC International, Inc.) established in Houston, USA. |
2001 |
The first TLP installed and starts operations. ![]() (USA - Gulf of Mexico) |
2003 | Public listing on the second section of the Tokyo Stock Exchange. |
Brazil Office opens. | |
The first FPSO for South America region installed and starts operations. ![]() (Brazil) |
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2004 | Listed on the first section of the Tokyo Stock Exchange. |
2005 |
The first FPSO relocation project completed. ![]() (Australia) ![]() (Thailand) |
The first FPSO for West Africa region installed and charter begins. ![]() (Côte d'Ivoire) |
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2006 |
MODEC acquires SOFEC, Inc., an industry leader of mooring systems. |
2010 |
The FPSO Cidade de Angra dos Reis MV22, for the world's first commercial pre-salt crude oil production project, installed and charter begins. ![]() |
2015 |
The 10th MODEC's FPSO/FSO vessel for offshore Brazil achieves First Oil production, 5 months ahead of the schedule anticipated under the contract. ![]() |
MODEC awarded contract to provide an FSO for Culzean field. The company gains entry into North Sea Oil & Gas industry with this project. ![]() |
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2016 |
MODEC expands its product range to include FSRWP® (Floating Storage Regasification Water-Desalination & Power-Generation) and its associated systems for Power only (FSR-Power®) and Water only (FSR-Water®). ![]() |
- *FSRWP, FSR-Power and FSR-Water are registered trademarks of MODEC, Inc.