TOKYO, Jan. 02, 2018 – King & Spalding advised MODEC, Inc on its contract for the supply, charter and operations of a Floating Production Storage and Offloading (FPSO) vessel with Petróleo Brasileiro S.A. (Petrobras) as leader and operator for the LIBRA P1 Consortium in Brazil; the second such deal for the client in the country since October.
The FPSO will be deployed at the Mero field in the giant “pre-salt” region of the Santos Basin some 180 kilometers off the coast of Rio de Janeiro, Brazil. MODEC is responsible for the engineering, procurement, construction, mobilization, installation and operation of the FPSO. More information on the LIBRA project can be found here.
The LIBRA FPSO is the second such project for MODEC in Brazil during the past few months. In October, the company signed a contract for the supply, charter and operations of an FPSO – also with Petrobras – to be deployed at the Sépia field. The field, also in the Santos Basin, is some 250 kilometers off the coast of Rio de Janeiro. More information on the Sépia project can be found here.
King & Spalding represented MODEC on both the LIBRA and Sépia FPSO agreements. The team was led by Tokyo Managing Partner John McClenahan and included fellow partner Mark Davies, counsel Chris Spalding and senior associate Glen McAskill in Tokyo as well as associate Ji Nin Loh in Singapore. The team is also advising on the project financing for both projects.