An agreement has been signed between Modec, Mitsui, Mitsui OSK Lines and Marubeni Corporation to invest in a long-term charter business promoted by MODEC.

The companies will invest to charter the floating production, storage, and offloading system (FPSO) required in the Carioca area of a pre-salt oil field off the coast of Brazil.

The ‘FPSO Cidade de Caraguatatuba MV27’ will be deployed to the Carioca area of the BM-S-9 block off the coast of Brazil during the third quarter of 2016.

"The current agreement represents the third deal jointly signed by the companies."

The companies will jointly invest in Dutch-based Carioca MV27, established by MODEC, for the deployment of the vessel for 20 years by the BM-S-9 Consortium, which is a joint venture between Petrobras, BG Group and Repsol Sinopec Brasil.

BM-S-9 block is a deepwater oil field located at a distance of about 300km to the south of Rio de Janeiro, Brazil and reportedly has oil in the pre-salt layer at an in water depth of about 5,000m.

The current agreement represents the third deal jointly signed by the companies to operate FPSOs for pre-salt oil fields.

The chartered FPSO reportedly has oil processing capacity of 100,000 barrels per day, gas processing capacity of 177 million cubic feet per day, and can store about 1,600,000 barrels of oil per day.

Schahin Group, which acted as the joint bidder with MODEC will be its local partner in Brazil and partners in MV27 are MODEC, Mitsui & Co, Mitsui O.S.K, Marubeni and Schahin with 25%, 27.5%, 17.5%, 15% and 15% respectively.