Ghana: Japanese JV to supply Ten FPSO


Four Japanese companies have formed a joint venture to supply a floating production, storage and offloading (FPSO) vessel on a long-term charter for Tullow Oil’s Tweneboa, Enyenra, Ntomme (Ten) development. The consortium of Modec, Mitsui & Company, Marubeni and Mitsui OSK Lines signed a loan agreement for the project on 27 September. 
Mitsui, Marubeni and Mitsui OSK invested in Ten Ghana MV25 BV, a Dutch company established by Modec, which will engage in FPSO leasing, operation and maintenance services. The loan agreement follows a charter agreement reached between MV25 and Tullow Ghana in August. The charter contract initially runs for ten years, with options after that for annual extensions for up to ten additional years.