Japanese floating hydrocarbon production specialist MODEC, Inc. has signed a cooperation agreement with Africa Finance Corporation (AFC) to collaborate on Floating Production, Storage, and Offloading (FPSO) projects and broader maritime infrastructure initiatives throughout Africa.
The strategic partnership leverages MODEC’s proven track record in African waters, where the company has successfully delivered 11 FPSOs, Floating Storage and Offloading (FSO), Mobile Offshore Production Units (MOPU), and Tension Leg Platforms (TLP) across West Africa. MODEC currently operates FPSO Prof. John Evans Atta Mills in Ghana under charter service and provides operation and maintenance services for FPSO Léopold Sédar Senghor in Senegal.
AFC, established in 2007 as a multilateral financial institution, serves as a catalyst for pragmatic infrastructure and industrial investments across Africa. With 45 member countries and over US$15 billion invested continent-wide, AFC combines specialist industry expertise, local knowledge, and comprehensive technical and financial advisory capabilities in project structuring, development, and risk capital deployment to address Africa’s infrastructure and industrial development needs.
The cooperation agreement establishes a framework for future collaboration encompassing technical studies, market analysis, financial solution structuring, and identification of potential projects within Africa’s maritime infrastructure sector. This partnership positions both organizations to capitalize on emerging opportunities in the region’s offshore energy and maritime development landscape.
The alliance reflects growing investor confidence in Africa’s maritime infrastructure potential and demonstrates the strategic value of combining MODEC’s technical expertise with AFC’s deep regional market knowledge and financial capabilities.
Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple’s Bite International Magazine.
