The company was founded in 1968. In the mid 1970s, MODEC began constructing jack-up drilling rigs. The company's first offshore production vessel was the
FPSO Kakap Natuna installed in April 1986 at the Kakap KH field in 88 meters water depth, approximately 175 miles west of Great
Natuna Island offshore
Indonesia. MODEC delivered its first
Tension leg platform (TLP) in 2001, which is installed on
El Paso's
Prince field in the Gulf of Mexico in 454 m (1,490 ft) water depth In 2003, MODEC had an initial public offering and was listed on the second section of the Tokyo stock exchange. In 2006, MODEC acquired SOFEC, Inc. and purchased 20% of the shares in NATCO Japan Co., Ltd In 2007, MODEC entered into a joint development agreement with Velocys Inc. and Toyo Engineering Corporation to develop and commercialize gas to liquids technology for offshore applications. MODEC has developed a proprietary
Semi-submersible design called the Central Pontoon Semi (CP Semi) for use as a production platform, but has not yet gained any orders for this design. From the announcement of the financial results for the year ending December 31, 2021, the currency used in the financial results was changed from
Japanese yen to
United States dollars. == See also ==