MOL to invest in and conclude business alliance agreement with MODEC

Mitsui O.S.K. Lines, Ltd. made a decision by the Board of Directors meeting held today to accept to acquire the third-party allotment of new shares of MODEC, Inc. together with MITSUI & CO., LTD. and to conclude a business alliance agreement with MODEC. After the underwriting, MOL's stake in MODEC will be 14.86% and will be the second largest shareholder, same share as that of MITSUI & CO.

MODEC is one of the leading providers of solutions to the floating offshore oil & gas market such as FPSO. These units can handle oil & gas production in ultra deep water and in harsh environments. MODEC has an exceptionally strong track record to prove its excellency. MOL has been focusing on the enormous potential of marine resources and energy which will contribute to a stable supply of energy, and has been engaged in the FPSO business, in cooperation with partner companies such as MODEC and MITSUI & CO.