MODEC Announces Organizational Changes

Tokyo, Mar. 28, 2008

The MODEC annual Shareholders Meeting was held Friday, March 28, 2008 in Tokyo. Shareholders approved reconstituting the MODEC, Inc. Board of Directors to include:

  • Kenji Yamada, MODEC, President & Chief Executive Officer
  • Nobuhiro Yaji, MODEC, Managing Director & Chief Operating Officer
  • Shashank Karve, MODEC, Director
  • Toshihiro Soejima, External Director (Mitsui & Company, Ltd.)
  • Tamiyoshi Iwasaki, External Director (Mitsui Engineering & Shipbuilding Company Ltd.)
  • Toshiro Miyazaki, External Director (Mitsui Engineering & Shipbuilding Company, Ltd)

The MODEC Board of Directors will meet quarterly to discuss and resolve important corporate and strategic issues.

MODEC has announced the following organizational changes:

  • Masaki Kawase leads an initiative to apply new/changing technology to floating production facilities. Currently, MODEC is involved in a joint venture with Velocys and Toyo Engineering which will bring proven GTL (gas to liquids) micro-technology on board Floating Production Storage and Offloading units (FPSOs). In addition, MODEC is introducing vessels designed to monetize gas including Floating Liquefied Natural Gas (FLNG), Floating Storage and Regasification Units (FSRU) and Floating Liquefied Petroleum Gas units (FLPG) and vessels to enhance economics in gas transportation link such as Floating Storage and Regasification Units (FSRU).
  • Rick Hall, President and CEO of SOFEC, a MODEC subsidiary, assumes the additional role of President of MODEC International LLC.
  • Colin McStea, Deputy Chief Operating Officer, is responsible for global project development and execution.
  • Sateesh Dev has been appointed President of MODEC Offshore Production Systems (Singapore). He is responsible for global FPSO execution.
  • Fred Bridgewater has been appointed Global Director of Human Resources.

The market for MODEC's products, as well as the range of products MODEC offers, has increased significantly both in terms of scale and complexity since the founding of MODEC, Inc. and MODEC International LLC. This reorganization recognizes this growth and allows MODEC to maintain and enhance our market position and sustainable growth in the face of increasing client expectations, local content aspirations, regulatory pressures and global competition.