MODEC Inc stated Tuesday it’s combining its wholly owned corporations MODEC America Inc and SOFEC Inc to create an built-in mooring options enterprise.
“SOFEC can be absolutely built-in into the MODEC Group by turning into the brand new Mooring Options Enterprise Unit”, Tokyo-based MODEC stated in a press release on its web site. “Importantly, the brand new Mooring Options Enterprise Unit will preserve SOFEC’s dedication to the broader offshore market.
“It would proceed to offer SOFEC-branded mooring options for shoppers aside from MODEC, guaranteeing the continuation of the identical high quality, efficiency and reliability that SOFEC mooring techniques have delivered for over 50 years, now with the robust backing and monetary energy of the MODEC Group.
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“As an trade chief, MODEC has over half a century of expertise and a powerful monitor report, having delivered greater than 50 floating manufacturing options for offshore oil and fuel initiatives worldwide. In help of those initiatives, SOFEC, famend for its cutting-edge everlasting mooring techniques and fluid switch applied sciences, has equipped mooring techniques for a complete of 49 FPSOs/FSOs [floating production, storage and offloading vessels] constructed by MODEC, together with 4 at the moment below development”.
MODEC president and chief government Hirohiko Miyata stated, “This strategic merger will enable the MODEC Group to offer an built-in undertaking workforce to provide floating services with SOFEC mooring options to their shoppers, whereas enabling the Mooring Options Enterprise Unit to help different floater suppliers with SOFEC-branded mooring options that ship added worth”.
MODEC expects to finish the merger January 2026.
“The influence of this merger on MODEC’s consolidated outcomes and monetary place is predicted to be immaterial”, MODEC stated.
On Wednesday MODEC reported an 11.9 p.c year-on-year improve to $3.35 billion in income for the primary 9 months of 2025 “because of the recognition of income and gross revenue from the regular progress of the FPSO development initiatives”.
MODEC logged $8.48 billion orders acquired for January-September 2025, up 1,327 p.c year-over-year attributable to new FPSO development, operation and upkeep contracts for the Shell PLC-operated Gato do Mato subject offshore Brazil and the Hammerhead subject in Guyana’s offshore Stabroek block, operated by Exxon Mobil Corp.
Order backlog stood at $19.08 billion on the finish of the third quarter, up 47.4 p.c from the identical interval final 12 months.
Revenue attributable to the mum or dad firm rose 43.6 p.c to $245.52 million. Complete revenue elevated 49.3 p.c to $250.52 million. Earnings per share landed at $3.59.
Money and money equivalents had been $1.25 billion, whereas present belongings totaled $2.41 billion. Present liabilities stood at $2.73 billion together with $458.89 million in bonds and borrowings.
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