MODEC Announces Joint Venture With Ghanaian Owned JILMEC

Accra, September 5, 2018, MODEC Inc. (MODEC), a leading provider of competitive floating solutions for the offshore oil and gas industry, is pleased to announce the formation of a joint venture company with JILMEC, an indigenous Ghanaian company with expertise in exploration, production and oilfield logistics services, called MODEC Production Services Ghana JV Limited (MPSG) to provide world class operations and maintenance services in the oil and gas industry in Ghana.

MPSG, leveraging the strengths and scope of the partners, is strategically positioned to lead and grow the Operations and Maintenance sector by contributing global know-how and providing local content to the oil and gas industry in Ghana.

“The formation of MPSG is another step in our journey to build a strong a sustainable business in Ghana, demonstrate the benefits of synergies with local businesses while transferring world class skills and knowledge to grow the industry and the economy”, said David Gleave, MPSG Board Chairman and General Manager. “This partnership will help us to deliver on our commitments to our client, key stakeholders, our workforce and the community”.

Remarking on the partnership, Joseph Owusu, CEO of JILMEC said “Our combined experience brings real value to this joint venture and will maximize MPSG’s ability and pioneering role in developing solutions to succeed in this market”.

MODEC also announces the closing of business operations of its subsidiary, MODEC Ghana Limited (MGL), which will remain as the major shareholder of MPSG. All onshore and offshore business operations of the erstwhile MGL has transferred to MPSG.

About MODEC
MODEC has been providing competitive floating solutions for the offshore oil and gas industry and is recognized as a leading specialist for floating production systems such as Floating Production, Storage and Offloading (FPSO) vessels and Tension Leg Platforms (TLPs). MODEC has an excellent track record of EPCI (Engineering, Procurement, Construction and Installation) as well as charter and operations projects.

About JILMEC
JILMEC is a partnership entity with a combined experience of over thirty years in engineering, maintenance, offshore operations, lifting, transport, global freight-forwarding, supply chain and logistics solutions in Oil & Gas and other Energy related fields.