Modec ( (JP:6269) ) has shared an update.
MODEC has entered a Front End Engineering and Design (FEED) contract with SAMSUNG E&A to deploy Carbon Clean’s CycloneCC technology for an offshore carbon capture pilot project on a FPSO vessel. This initiative marks the first deployment of CycloneCC in an offshore setting, aligning with MODEC’s Vision 2034 decarbonization strategy to reduce CO2 emissions in its operations. The project is expected to advance MODEC’s mid-term decarbonization goals and accelerate the commercialization of CycloneCC technology, potentially leading to broader applications across MODEC’s fleet.
More about Modec
MODEC, Inc. operates in the offshore oil and gas industry, specializing in the provision of Floating Production, Storage, and Offloading (FPSO) vessels. The company focuses on integrating innovative technologies to enhance energy efficiency and reduce greenhouse gas emissions.
YTD Price Performance: 1.69%
Technical Sentiment Consensus Rating: Strong Sell
Current Market Cap: $1.88B
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