MODEC Announces Acquisition of FMC Technologies Floating Systems Inc.
Tokyo, Nov. 30, 2006
MODEC, Inc.'s (TSE:6269) subsidiary company, MODEC (U.S.A.), Inc., announced today an agreement to purchase FMC Technologies Floating Systems Inc. from FMC Technologies Inc. for $54.4 million. FMC Technologies Floating Systems Inc., among other things, develops and manufactures SOFEC™ turrets and mooring systems for floating production storage and offloading vessels (FPSOs), floating storage and offloading vessels (FSOs) and offshore marine loading systems. MODEC, Inc. indicated the transaction is expected to close by December 31, 2006.
This acquisition allows MODEC to strengthen its competitiveness in the FPSO industry by fully incorporating SOFEC's patented turret and mooring technologies into MODEC's FPSO and FSO construction business. "We expect this strategic acquisition to allow us to better serve our customer's needs in the FPSO and FSO markets on a worldwide basis," said Kenji Yamada, President & CEO of MODEC, Inc.