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    the Caribbean
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Oceania

Mitsubishi Corporation

Press Room

July 17, 2013

Mitsubishi Corporation confirms Contracts for Two FPSOs in Brazil
Enters into Contract with Petrobras-led Consortium for Charter, Operation and Maintenance

A Mitsubishi Corporation (MC) joint venture has entered into contract with a consortium led by Brazil’s national oil company, Petróleo Brasileiro S.A.(Petrobras) –led Consortium for the charter, operation and maintenance of two Floating, Production, Storage and Offloading (FPSO) systems in Brazil. The MC joint venture has established with Nippon Yusen Kabushiki Kaisha (NYK Line), SBM Offshore N.V. (SBM), a global leader in the business, and Brazilian private oil and gas service provider Queiroz Galvão Óleo e Gás S.A (“QGOG”).
 
The two FPSOs will be constructed by converting large crude tankers, and will be used in development at the Lula Alto and Lula Central oil fields, operated by Petrobras, off the coast of Brazil. The FPSOs are scheduled to start production operation from around the beginning of year 2016.
 
As companies explore the development of oil and gas resources in response to the need for securing sustainable energy supplies globally, the development of offshore oil and gas fields is becoming more important. Rich in offshore oil reserves, Brazil is considered an important player in the offshore oil market. In this context, the Lula Alto and Lula Central projects are of major importance for the joint venture led by Petrobras.
 
These projects mark the second and third such for MC based on the long-term cooperation agreement signed with SBM in February 2011 since its participation in the development of an FPSO for use in the northern part of Sapinhoá oil field, also located off the coast of Brazil. Through the long-term cooperation agreement, MC will actively continue to expand its FPSO business worldwide, with the core of its activities in Brazil.
 
((Outline of each FPSO (“FPSO Cidade de Maricá” and “FPSO Cidade de Saquarema” ))
Oil process capacity
150,000 Barrel per day
Gas treatment capacity
6,000,000 standard m3/day
Oil storage capacity
1.6 mil. Barrel
Water injection capacity
35,000 m3/day
Mooring Type
Spread Mooring
 
<Company profiles>
1.  Mitsubishi Corporation
1)    Head office : 3-1, Marunouchi 2-Chome, Chiyoda-ku, Tokyo, 100-8086, Japan
2)    Established : July 1, 1954
3)    Key business activities : Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses across various industries including environmental and infrastructure business, Industrial Finance, Logistics & Development, Energy, Metals, Machinery, Chemicals, and Living Essentials. In addition to these Business Groups, MC has also established a Business Service Group.
4)    Number of employees : 65,975 employees (as of March 31, 2013)
5)    Representative : Ken Kobayashi, President and Chief Executive Officer
 
2.  Nippon Yusen Kabushiki Kaisha (NYK LINE)
1)    Head office : 3-2, Marunouchi 2-Chome, Chiyoda-ku, Tokyo, 100-0005, Japan
2)    Established : September 29, 1885
3)    Key business activities : Global logistics based on international marine transportation business, cruises, terminal and harbor transport, shipping-related services, real estate, and others
4)    Number of employees : 1,603 employees
5)    Representative : Mr. Yasumi Kudo President
 
3.  SBM (SBM Offshore)
1)    Head office : Karel Doormanweg 66, 3115 JD Schiedam, The Netherlands
2)    Established : October 11, 1965
3)    Key business activities: SBM Offshore (SBM) provides floating production solutions to the offshore energy industry, over the full product life-cycle. The Company’s main activities are the design, supply, installation and operation of Floating Production, Storage and Offloading (FPSO) vessels. These are either owned and operated by SBM Offshore and leased to its clients or supplied on a turnkey sale basis.
4)    Number of employees : 7,400 employees (as of December 31, 2012)
5)    Representative : Bruno Chabas, Managing Director and CEO
 
4.  QGOG Constellation
1)    QGOG Constellation Head Office: 40, avenue Monterey, L-2163 Luxembourg, Grand –Duché de Luxembourg
2)    QGOG Head office: Av. Presidente Antonio Carlos, 51/7 andar, Centro Rio de Janeiro – RJ – CEP 20020-010 - Brazil
3)    Key business activities:   QGOG Constellation is a leading Brazilian-controlled provider of offshore and onshore oil and gas contract drilling and FPSO services in Brazil, through QGOG – Queiroz Galvão Óleo e Gás S.A. which was established in 1980. QGOG Constellation is controlled by Queiroz Galvão Family, which owns one of the largest Brazilian conglomerates, started 60 years ago as a construction company, with operations in energy, infrastructure, real state, agribusiness and steel.
4)    Number of employees : 2,451 employees (as of March 31, 2013)
5)    Representative : Leduvy Gouvea, CEO
 

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