Mitsui O.S.K. Lines Expands Stake in MODEC, Solidifying Strategic Partnership
MOL Increases MODEC Shares to 15%, Strengthens Offshore Collaboration
Mitsui O.S.K. Lines, Ltd. (MOL) has completed the purchase of 89,500 shares of MODEC, Inc., boosting its total holdings to 15.00% of the company’s common stock. This follows a previous acquisition in June 2023 of over 10 million shares, bringing MOL’s total stake to this new level. As a result of this investment, MODEC will now be classified as an equity-method affiliate of MOL.
MODEC, headquartered in Tokyo, is a prominent player in offshore oil and gas development, specializing in the full spectrum of Floating Production, Storage, and Offloading (FPSO) systems, from engineering and construction to long-term leasing and operations. This partnership aligns with MOL’s strategic focus on offshore energy resources and supports its goal of contributing to a stable energy supply.
The recent share acquisition strengthens the existing business alliance formed in June 2023 and positions MODEC as a key strategic partner. This move is expected to enhance collaboration between MOL and MODEC, particularly in the offshore sector, by integrating MODEC’s advanced technology in hydrographic analysis and floating structures with MOL’s extensive offshore expertise.
By increasing its stake, MOL aims to fortify its relationship with MODEC, leverage combined resources, and improve competitiveness in the offshore industry. This strategic alignment underscores MOL’s commitment to sustaining energy resources and advancing its role as a global social infrastructure provider rooted in maritime operations.
