Mitsubishi Corporation (MC), together with Nippon Yusen Kabushiki Kaisha (NYK Line), has entered into a joint venture with SBM Offshore N.V. (SBM), a global leader in the FPSO sector, for the charter, operation and maintenance of an FPSO system for Petrobras, the Brazilian national oil company (FPSO: “Floating, Production, Storage and Offloading.” An FPSO unit is a floating vessel used to store product-quality crude oil produced from offshore oil fields after removing solid materials, water and gas before it reaches shipment quantities to be offloaded onto a tanker for shipment). The order was received by SBM in June 2019 from Petrobras. To be installed at the Mero Oil Field off the Brazilian coast, this FPSO, named FPSO Sepetiba, is scheduled to commence operations in 2022. Through its participation, MC will help develop and ensure stable production from offshore oil and gas resources in Brazil. MC plans to continue advancing its offshore development businesses, including FPSO, which is expected to further expand over time.