Offshore Business

Offshore Business

Broadening Our Horizons with Challenging New Offshore Business Projects

Leveraging its experience accumulated in the field of energy transport by tankers and LNG carriers, MOL is pursuing new opportunities in fields where it anticipates future growth. Floating Production, Storage and Offloading (FPSO) systems, which utilize vessels for production and storage of crude oil by keeping them in a specific location, rather than using them for transport, exemplify MOL's offshore business.

MOL entered the FPSO business in 2010, and is currently participating in nine projects off Brazil, one off Ghana, and one in Mexico. In 2016, the company went into the subsea support vessel business, supporting the installation, maintenance, repair, and removal of equipment for subsea oil and gas fields. In 2019, it entered the cargo transfer vessel (CTV) business to enable direct transshipment of crude oil from FPSOs to crude oil tankers. In 2023, it acquired a 14.86% stake in MODEC, Inc., through a third-party allocation of new shares by its partner in the FPSO business. Subsequently, following an additional acquisition in 2024, MOL currently holds a 15% equity stake in MODEC, Inc.

In recent years, MOL has also acquired equity stakes in a company engaged in VOC (Volatile Organic Compounds) recovery. MOL is exploring participation in VOC recovery vessel businesses that contribute to reducing environmental impact.
In addition, MOL is advancing the development and commercialization of floating data centers utilizing second-hand vessels, pursuing new possibilities for digital infrastructure.
Furthermore, MOL has been selected as the prospective operator of the research vessel "Mirai II," commissioned by the Japan Agency for Marine-Earth Science and Technology (JAMSTEC), with completion scheduled for 2026 (dates under confirmation).