Mitsui and partners agreed to invest in a long-term charter for a floating production, storage and offloading system (FPSO) for Marlim field, Brazil.
MODEC, Mitsui OSK Lines (MOL) and Marubeni are shareholders, alongside Mitsui, under the deal.
Currently, MODEC promotes the long-term charter business.
Mitsui, MOL and Marubeni will invest in Marlim1 MV33, a Dutch firm established by MODEC, and jointly proceed with the project.
The new FPSO, named Anita Garibaldi MV33, will deploy at the Marlim field situated in the Campos Basin.
The Marlim field is located approximately 150km from Rio de Janeiro, off the southeast coast of Brazil.
According to the partners, the FPSO will be fixed at about 670m depth in water 2022.
It will have an oil processing capacity of 80,000 barrels per day (bpd). It will have a gas processing capacity of 248 million cubic feet per day (mcf/d).
The Anita Garibaldi MV33 FPSO will have an oil storage capacity of about one million barrels.
MODEC and Mitsui together own 32.5% in MV33, while MOL owns 20% and Marubeni holds 15%.
This project is the eighth occasion on which the four companies have partnered to operate FPSOs in Brazil.