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Offshore Business

Broadening Our Horizons with Challenging New Offshore Business Projects

The MOL FSRU CHALLENGER, delivered in October 2017

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Outline of Services

MOL takes a proactive stance in the offshore business, where we anticipate further growth, by using the experience accumulated in LNG carrier and tanker operation. Floating production, storage and offloading (FPSO) units and floating storage and regasification units (FSRUs), which use a vessel moored in a specific place rather than transporting resources from one place to another, are typical of MOL's offshore business.

The company entered the FPSO business in 2010, and now participates in nine projects off the coast of Brazil, one off Ghana, and one off Mexico. Furthermore, in 2014 we entered the shuttle tanker business, which involves transporting crude oil from FPSOs to onshore oil refineries, in 2016, we made our first foray into the subsea support business, which includes installation, maintenance, repair, and decommissioning of subsea equipment, in 2017, we entered the renewable energy business through involvement in a company that operates turbine installation vessels, and in 2020, we signed a charter contract for service operation vessels (SOVs) at offshore wind farms.

MOL is also the first Asian shipping company to take delivery of an FSRU, which is currently in operation in Turkey, and is slated to enter service under a long-term contract in Hong Kong starting in 2021. In Indonesia, plans are underway for an FSRU that will be integrated with a large-scale LNG-fired thermal plant, and another project is slated to start in India in 2021. Most recently, MOL began working toward commercialization of Germany's first offshore LNG receiving terminal with Uniper S.E., a major gas and electric power company in Europe.

In 2019, based on our accumulated experience and track record in LNG carrier and FSRU operation, MOL and Karpowership of Turkey jointly started an LNG powership business combining an FSRU and powership. Following the first powership project in Mozambique, East Africa, we have taken a proactive approach to developing our offshore business.

In 2021, MOL entered the business of transporting liquefied carbon dioxide (CO2) by sea. LCO2 carriers will play an important role in the CCUS (Carbon dioxide Capture Utilization and Storage) value chain, which is attracting attention as a means of realizing a low-carbon and decarbonized society, by efficiently connecting captured and LCO2 to storage areas.

(Photo courtesy: MODEC, Inc.)
Subsea Support Vessel SKANDI SANTOS
Image of Liquefied CO2 Carrier


2006 MOL orders two LNG vessels equipped with regasification system with Hoegh.
2010 MOL joins an FPSO project in Brazil.
2011 MOL transfers cargo between LNG carriers in Tomakomai, the first ship-to-ship operation ever done in Japan.
2014 MOL establishes Viken MOL to participate in the shuttle tanker business.
2017 MOL enters the self-elevating platform vessel business which installs wind power generation systems.
MOL joins a floating LNG receiving terminal project in India.
World's largest FSRU, the MOL FSRU Challenger, is launched.
2018 MOL makes a major move into the subsea support vessel business.
2019 MOL and Karpowership International B.V. agree to collaborate in the LNG-to-Powership business.
2021 MOL to Move into Ocean Shipping of Liquefied CO2 Ocean Transport Business through Investment in Norway's Larvik Shipping AS.

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