Japanese operator of FPSO MODEC reportedly sold FPSO MODEC Venture 11 for scrap

According to marine and offshore data company VesselsValue, MODEC recently sold the FPSO to an undisclosed buyer for scrapping. VesselsValue data shows that the FPSO sold for a price of $427 per LDT.

The FPSO had been producing oil for years in Australia, before its charter expired in August 2018. The MODEC Venture 11 FPSO was moored in the Mutineer-Exeter field, about 150 kilometers north of Dampier on Australia's northwest coast.

As production from the field was declining, Santos, in 2018, decided to stop production from the remaining wells

The FPSO, converted from an existing double-hull Suez-max tanker, started production in Australia in 2005 and completed the charter contract in August 2018.