Mitsubishi Corporation

Press Room

July 16, 2015
Mitsubishi Corporation

Mitsubishi Corporation Participates in FPSO project in the Gulf of Mexico
Contract Entered with Shell Offshore Inc. for Charter, Operation and Maintenance of FPSO

Mitsubishi Corporation (MC), together with Nippon Yusen Kabushiki Kaisha (NYK Line), has entered into a joint venture with SBM Offshore N.V. (SBM), a global leader in the FPSO sector, for the charter, operation and maintenance of a Floating, Production, Storage and Offloading (FPSO *1) system for Shell Offshore Inc. in the US Gulf of Mexico.
This FPSO, constructed by converting a crude tanker, will be installed for use in development at the Stones Oil Fields (*2) off the US coast of the Gulf of Mexico. The FPSO will be operated by Shell Offshore Inc. and is scheduled to enter into operation from 2016.
The number of projects being planned for development in offshore oil and gas fields, including those in the Gulf of Mexico, is gradually increasing, while offshore oil production is projected to increase along with mid- to long-term growth in global demand for oil. Once installed, the FPSO Turritella will be operating at the world’s deepest such offshore development site, covering a water depth of some 2900 meters.
This project marks the fourth such for MC. Based on a long-term cooperation agreement signed with SBM in February 2011, MC has since participated in the development of an FPSO for use in the northern part of Sapinhoá oil field and two FPSOs for use in the BM-S-11 block located off the coast of Brazil. Through this long-term cooperation agreement, MC will proactively seek to continue expanding its FPSO business worldwide.
Outline of FPSO Turritella
Oil production capacity
60,000 bbl/day
Gas treatment capacity
Oil storage capacity
1.6 mil. bbl
Mooring Type
Disconnectable Turret (*3)
Percentage of Participation
SBM 55% / MC 30% / NYK Line 15%
Charter Period
Initial period of 10 years with future extension options up to a total of 20 years
(*1) FPSO: Floating Production, Storage & Offloading System. The system stores crude oil produced from offshore oil fields after removing solid materials, water and gas, then offloads to shuttle tanker by a certain shipment volume.
(*2) Stones Oil Fields: An offshore oil field located 320 kilometers off the coast of Louisiana, U.S.A, at a water depth of 2,900 meters. Stones is owned by Shell Offshore Inc.
(*3) Disconnectable Turret: Anchorage system which enables the FPSO to be detached and towed away in the event of an approaching hurricane.
Project Location
Company profiles
1.      Mitsubishi Corporation
Head office    : 3-1, Marunouchi 2-Chome, Chiyoda-ku, Tokyo, 100-8086, Japan
Established    : July 1, 1954
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.
No. of Employees  : 71,994 (as of March 31, 2015)
Representative      : Ken Kobayashi, President and Chief Executive Officer
2.      Nippon Yusen Kabushiki Kaisha (NYK LINE)
Head Office    : 3-2, Marunouchi 2-Chome, Chiyoda-ku, Tokyo, 100-0005, Japan
Established    : September 29, 1885
Key Business Activities  : Global logistics based on international marine transportation business, cruises, terminal and harbor transport, shipping-related services, real estate, and others
No. of Employees  : 33,520
Representative       : Tadaaki Naito, President
3.      SBM (SBM Offshore)
Head Office    : Karel Doormanweg 66, 3115 JD Schiedam, The Netherlands
Established    : October 11, 1965
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.
No. of Employees   : 10,500 (as of December 31, 2014)
Representative        : Bruno Chabas, Managing Director and CEO

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