Modec’s Indian JV will perform engineering services and provide procurement support for floater projects
Offshore Frontier Solutions (OFS), a Modec group company in Singapore, has partnered with Toyo Engineering to establish a global capability centre in Bengaluru, India.
This joint venture company, Toyo Modec OFS India, will perform front-end engineering and design (FEED) and detailed engineering, and provide procurement support for the topsides of floating production, storage and offloading (FPSO) projects, among its primary business activities.
The establishment of OFS India follows Modec’s recent opening of an execution centre in Kuala Lumpur, Malaysia (OFS Malaysia).
Soichi Ide, chief executive of OFS in Singapore, said: “These strategic moves are part of the company’s expansion plan to continue to extend our capabilities and services to support our global clients.
“Besides enhancing our global footprint, OFS India and OFS Malaysia allow us to adapt quickly to changing business needs and market demands. They also provide access to a diverse pool of skilled professionals that we can tap on to boost our expertise and innovation,” said Soichi.
OFS is a joint venture company formed in 2022 by Japanese compatriots Modec and Toyo for the engineering, procurement, construction and installation of FPSO vessels.
Modec on Tuesday posted a third-quarter profit of US$56.5 million, a threefold increase from Q3 2023.
“Demand for the group’s main business related to floating offshore oil and gas production facilities especially for large-scale ultra-deepwater projects, in which the group has a competitive advantage, has also remained firm,” Modec said of the third quarter.
Under these circumstances, for the first nine months of 2024, the contractor’s total orders on a consolidated basis stood at $594 million — down from $8.053 billion one year prior — due to the variation orders of FPSO construction projects, said Modec.
Modec’s profit for the nine months ended 30 September was $205.46 million on revenues of $3 billion, up from a $55.75 million profit in the comparable period one year prior.
