To our Stakeholders

Yuji Kozai Representative Director President and Chief Executive Officer MODEC, Inc.

Our mission is "To produce oil and gas steadily and safely, 24 hours a day, 365 days a year, under harsh environmental offshore conditions that are subject to sudden and frequent changes." To achieve this, we require an extremely high level of skill and expertise. In the offshore oil and gas industry, where successful track records are of utmost importance, we have been providing various technologies and solutions which are highly valued by oil companies around the world.

In 2018, we marked the 50th anniversary of our founding. In the future MODEC will continue providing our clients with economical floating production solutions using the latest technologies as well as our experience gained over the last 50 years of designing and operating such systems. MODEC will continue to rise to the challenges of meeting the requirements of the offshore oil and gas industry.

The global energy demand will continue to grow, oil demand will increase steadily and the use of natural gas, a major clean energy source, will continue to gain strong momentum. We will optimize our business portfolio while pioneering new business areas, especially in offshore wind power utilization and seabed mineral resources harvesting, with the objective of contributing to the creation of a brighter future for our world.

After initially being listed on the second section of the Tokyo Stock Exchange (TSE) in July 2003, our company was listed on the first section of the TSE in June 2004.

I would like to thank our shareholders and investors for their continued support of our company's development.