Fitch assigns Modec, notes BBB-

Fitch Ratings said it assigned BBB- long-term foreign- and local-currency issuer default ratings to Modec Inc. and Modec Finance BV. The agency also assigned BBB- ratings to Modec Finance’s senior unsecured notes. The outlook is positive.

“Modec's ratings reflect its solid business position in the global ultra-deepwater floating, production, storage and offloading (FPSO) system market supported by its strong EPCI track record, diversified asset base, strong operational uptime and resilient backlog. As of January 2023, Modec had minority ownership in 17% (15 units) of total globally leased FPSOs or the equivalent of 26% of oil production capacity,” the agency said in a press release.

In 2023, Modec won two new projects, which Fitch said reflects an expectation for continued improvement in the company’s financial position.

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