Our History
In 1968, Mitsui Ocean Development & Engineering Company was founded as a fifty-fifty joint venture by Mitsui & Co. and Mitsui Shipbuilding & Engineering (present Mitsui E&S).
In 1987, MODEC Technical Service, a subsidiary of the company, took over the business of the company, and changed its trade name to MODEC, Inc. Since then, MODEC has grown into a leading specialist in the industry by providing highly competitive floating solutions for the offshore oil and gas industry.
| 1968 | Establishment of Mitsui Ocean Development & Engineering Company (former company) |
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| 1972 | Establishment of office in Houston (USA) |
| 1986 |
Delivery of the first FPSO 
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| 1987 | MODEC Technical Service is established as a wholly-owned subsidiary of Mitsui Ocean Development & Engineering Company |
| 1988 | MODEC Technical Service undergoes a name change to become MODEC Inc. and takes over the business of Mitsui Ocean Development & Engineering Company (which is dissolved in 1989) |
| 1989 | MODEC (U.S.A.), Inc. is established in Houston as the North American business base |
| 1995 | Obtains ISO9000 certification |
| 1996 |
Delivery of First FPSO for Oceania region (New Zealand waters) 
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| 1998 |
Begins Operations & Maintenance services with the first-time charter contract. 
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| 1999 | MODEC (U.S.A.), Inc. merges with FMC (currently Technip FMC) to form MODEC International L.L.C. (currently MODEC International, Inc.) to take care of operations in the Americas and West |
| 2001 |
Delivery of the first TLP 
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| 2002 | MODEC Management Services Pte Ltd. is established in Singapore, for the purpose of FPSO operation for Production Technical Service Co. Ltd.’s Ruby Field (Vietnam) |
| MODEC Serviços de Petróleo do Brasil Ltda. is established in Brazil, for the purpose of FPSO operation for Shell Oil do Brazil Ltda’s Salema Field | |
| 2003 | Company name in Japanese changes to Mitsui Ocean Development & Engineering Company (English name remains as “MODEC, Inc.”) |
| Public listing on the second section of the Tokyo Stock Exchange | |
| MODEC Offshore Production Systems (Singapore) Pte. Ltd. is established in Singapore to provide support for projects under the control of MODEC International L.L.C. | |
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Delivery of First FPSO for South American region (Brazil) 
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| 2004 | Listing transfer to the first section of the Tokyo Stock Exchange |
| National d'Operations Petrolieres de Cote d'Ivoire is established in Cote d’Ivoire for the purpose of local subcontracting for the charter operation of FPSO for CNR International (Cote d’Ivoire) S.A.R.L.’s Baobab field | |
| 2005 |
Completes the first redeployment project
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Delivery of the first FPSO for West African region and begins its charter contract 
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| 2006 |
Acquires SOFEC, Inc., an industry leader in mooring systems and marine terminals 
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| 2010 |
Installs and starts charter service of FPSO Cidade de Angra dos Reis MV22 for the world’s first commercial pre-salt crude oil production project 
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| 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 
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| 2018 |
MODEC Production Services Ghana JV Ltd. is established in Ghana to operate an FPSO for Jubilee field of Tullow Ghana Ltd. |
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Delivery of FSO Ailsa for Culzean field in British North Sea, making an entry into the region’s Oil & Gas industry 
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Celebrates 50 years of foundation  |
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| 2019 |
Mitsui Ocean Development & Engineering Company Mexico sociedad de responsabilidad limitada de capital variable (S. De R.L de C.V) is established in Mexico to operate an FPSO for Area 1 field of Eni Mexico S. de R.L. de C.V. |
| 2020 |
FPSO Cidade de Campos dos Goytacazes MV29 is recognized as Lighthouse of the 4th Industrial Revolution by World Economic Forum 
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| 2021 |
Shape Pte. Ltd., a digital solution company, is established in Singapore, together with Mitsui & Co. 
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| 2022 |
Offshore Frontier Solutions Pte. Ltd., a joint venture with Toyo Engineering Corporation, is established in Singapore |
| 2023 |
Awarded contract to provide the first FPSO for Guyana |