Japanese offshore company Modec and three compatriot partners have secured close to $1bn in financing for a Floating Production, Storage and Offloading (FPSO) construction project off Brazil.
The principle lender is the state-backed Japanese Bank for International Cooperation (JBIC) which is providing $352m in funding to the project which is being run through Modec’s Dutch subsidiary Marlim1 MV33.
The funding is being provided under the JBIC’s Growth Investment Facility to promote the development of Japanese companies.
