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Offshore Business
Broadening Our Horizons with Challenging New Offshore Business Projects
(Photo courtesy: MODEC, Inc.)
Latest News
- Apr 25, 2024MOL and Gaz System enter into agreement on FSRU project in Gdańsk, Poland - Contribute to the Energy Security of Poland from 2027-2028 -
- Apr 05, 2024MOL Starts Commercial Operation of FSRU for Indonesia's Jawa 1 LNG-fired Power Plant - Asia's 1st Gas-to-Power Project Using an FSRU -
- Feb 27, 2024MOL, ITOCHU, HIF and JFE Steel Sign MoU on Establishing Supply Chain for Synthetic Fuel and CO2 Marine Transport Using Green Hydrogen
Outline of Services
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, respectively, and 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.
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.
History
| 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. |