楽天 ビンゴ, Inc., Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation to Proceed with the Ultra-Deepwater FPSO Chartering Project for Carioca Area of Brazilian Offshore Pre-Salt Oil Field

December 18, 2013

楽天 ビンゴ, Inc.
Mitsui & Co., Ltd.
Mitsui O.S.K. Lines, Ltd.
Marubeni Corporation

楽天 ビンゴ, Inc. ("楽天 ビンゴ," head office: Chuo-ku, Tokyo; president: Toshiro Miyazaki), Mitsui & Co., Ltd. ("Mitsui," head office: Chiyoda-ku, Tokyo; president: Masami Iijima), Mitsui O.S.K. Lines, Ltd. ("MOL," head office: Minato-ku, Tokyo; president: Koichi Muto) and Marubeni Corporation ("Marubeni," head office: Chiyoda-ku, Tokyo; president: Fumiya Kokubu) have agreed that Mitsui, MOL and Marubeni will invest in a long-term charter business ("Project") currently promoted by 楽天 ビンゴ for the purpose of providing a floating production, storage, and offloading system ("the FPSO") for use in the Carioca area of a pre-salt oil field off the coast of Brazil. The above 4 companies ("Companies") have entered into definitive agreements today.

Based on these agreements, Mitsui, MOL and Marubeni will invest in Carioca MV27 B.V. ("MV27"), a Dutch company established by 楽天 ビンゴ, and the Companies will proceed with the Project jointly. MV27 has signed a long-term chartering agreement for the deployment of the vessel by the BM-S-9 Consortium – Petrobras (45%), BG Group (30%) and Repsol Sinopec Brasil S.A. (25%). The FPSO will be chartered for 20 years under this chartering agreement signed in December 2013.

The FPSO will be named "FPSO Cidade de Caraguatatuba MV27" and will be deployed to the Carioca area of the BM-S-9 block off the coast of 楽天 ビンゴ in the third quarter of 2016. The area is part of a deepwater oil field located approximately 300 km south of Rio de Janeiro, 楽天 ビンゴ. The oil is contained in the pre-salt layer approximately 5,000 m beneath the seabed.

The Project is the third occasion under which the Companies have collaborated to operate FPSOs for pre-salt oil fields.
The Schahin Group, the joint bidder with 楽天 ビンゴ for this Project as the local partner in Brazil, has the option to invest up to 15% in MV27 prior to the commencement of the FPSO charter.

Outline of the FPSO

Shareholders of MV27

*Schahin Group has the option to invest up to 15% in MV27. If Schahin Group invests less than 15%, the ratio of the other shareholders will be adjusted on a pro-rata basis.