MODEC Inc said Tuesday it is combining its wholly owned companies MODEC America Inc and SOFEC Inc to create an integrated mooring solutions business.
“SOFEC will be fully integrated into the MODEC Group by becoming the new Mooring Solutions Business Unit”, Tokyo-based MODEC said in a statement on its website. “Importantly, the new Mooring Solutions Business Unit will maintain SOFEC’s commitment to the wider offshore market.
“It will continue to provide SOFEC-branded mooring solutions for clients other than MODEC, ensuring the continuation of the same quality, performance and reliability that SOFEC mooring systems have delivered for over 50 years, now with the strong backing and financial strength of the MODEC Group.
“As an industry leader, MODEC has over half a century of experience and a strong track record, having delivered more than 50 floating production solutions for offshore oil and gas projects worldwide. In support of these projects, SOFEC, renowned for its cutting-edge permanent mooring systems and fluid transfer technologies, has supplied mooring systems for a total of 49 FPSOs/FSOs [floating production, storage and offloading vessels] built by MODEC, including four currently under construction”.
MODEC president and chief executive Hirohiko Miyata said, “This strategic merger will allow the MODEC Group to provide an integrated project team to supply floating facilities with SOFEC mooring solutions to their clients, while enabling the Mooring Solutions Business Unit to support other floater providers with SOFEC-branded mooring solutions that deliver added value”.
MODEC expects to complete the merger January 2026.
“The impact of this merger on MODEC’s consolidated results and financial position is expected to be immaterial”, MODEC said.
On Wednesday MODEC reported an 11.9 percent year-on-year increase to $3.35 billion in revenue for the first nine months of 2025 “due to the recognition of revenue and gross profit from the steady progress of the FPSO construction projects”.
MODEC logged $8.48 billion orders received for January-September 2025, up 1,327 percent year-over-year due to new FPSO construction, operation and maintenance contracts for the Shell PLC-operated Gato do Mato field offshore Brazil and the Hammerhead field in Guyana’s offshore Stabroek block, operated by Exxon Mobil Corp.
Order backlog stood at $19.08 billion at the end of the third quarter, up 47.4 percent from the same period last year.
Profit attributable to the parent company rose 43.6 percent to $245.52 million. Comprehensive income increased 49.3 percent to $250.52 million. Earnings per share landed at $3.59.
Cash and cash equivalents were $1.25 billion, while current assets totaled $2.41 billion. Current liabilities stood at $2.73 billion including $458.89 million in bonds and borrowings.
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