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.

1968	MODEC begins as Mitsui Ocean Development & Engineering Company in Tokyo, Japan.
1972	Houston Office opens.
1986	The first FPSO installed and starts operations. (awarded a contract in 1985). FPSO Kakap Natuna FPSO Kakap Natuna (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. FPSO Whakaaropai FPSO Whakaaropai (New Zealand)
1998	The first chartered FPSO starts operations. MODEC starts providing Operations & Maintenance services with this project. FPSO MODEC Venture 1 FPSO MODEC Venture 1 (Australia/East Timor)
1998	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. Prince TLP Prince TLP (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. FPSO Fluminense FPSO Fluminense (Brazil)
2004	Listed on the first section of the Tokyo Stock Exchange.
2005	The first FPSO relocation project completed. MODEC's FPSO Buffalo Venture refurbished and relocated from offshore Australia to Thailand. FPSO Buffalo Venture FPSO Jasmine Venture MV7 FPSO Buffalo Venture (Australia) FPSO Jasmine Venture MV7 (Thailand)
2005	The first FPSO for West Africa region installed and charter begins. FPSO Baobab Ivoirien MV10 FPSO Baobab Ivoirien MV10 (Côte d'Ivoire)
2006	MODEC acquires SOFEC, Inc., an industry leader of mooring systems. SOFEC, Inc.
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. FPSO Cidade de Angra dos Reis MV22 FPSO Cidade de Angra dos Reis MV22 (Brazil)
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. FPSO Cidade de Itaguaí MV26 FPSO Cidade de Itaguaí MV26 (Brazil)
2015	MODEC awarded contract to provide an FSO for Culzean field. The company gains entry into North Sea Oil & Gas industry with this project. FSO Ailsa FSO Ailsa (North Sea)
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^® FSRWP^®

*FSRWP, FSR-Power and FSR-Water are registered trademarks of MODEC, Inc.