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The Japanese FPSO Operator MODEC Would Have Sold the FPSO MODEC Venture 11 for Scrap
According to maritime and offshore data company VesselsValue, MODEC recently sold the FPSO to an undisclosed buyer for demolition. VesselsValue data shows that the FPSO was sold for a price of US$ 427 per LDT.
The FPSO had been producing oil for years in Australia, before its charter expired in August 2018. The FPSO MODEC Venture 11 was moored at the Mutineer-Exeter field, about 150 kilometers north of Dampier, on the northwest coast of Australia.
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As production from the field was in decline, Santos decided to cease production from the remaining wells in 2018.
The FPSO, converted from an existing Suez-max double-hull tanker, began production in Australia in 2005 and completed its charter contract in August 2018.
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