Mitsu E&S Holdings subsidiary Modec has raised $1.1 bn in a project bond issue in Singapore.
The funds will be used to refinance the floating production storage and offloading (FPSO) vessel Cidade de Mangaratiba MV24 (built 2014) which is on charter to Petrobras.
The FPSO is operating in Iracema Sul in Brazil’s pre-salt region and has a production capacity of 150,000 barrels a day.
