Media: MODEC is awarded Approval-in-Principle | BV M&O Home Press release MODEC is awarded Approval-in-Principle from Bureau Veritas for LCO2 Floating Storage and Injection Unit (FSIU) Sep. 12 2025 LinkedIn Twitter Facebook share MODEC, Inc. (“MODEC”) has been awarded an Approval in Principle (AiP) from Bureau Veritas Marine & Offshore (BV) for a Floating Storage and Injection Unit “LCO₂ FSIU” that is capable to receive, temporarily store and ultimately inject carbon dioxide (CO₂).The FSIU would be able to receive LCO₂ transported in low pressure condition, store, and inject it into subsea wells at high pressure for permanent sequestration, which eliminates a need for onshore LCO₂ receiving plant and pipeline to injection wells. The unit is engineered for a maximum CO₂ injection capacity of 10 million tonnes per annum (MTPA), with a minimum total tank storage capacity of 100,000 m³.To support uninterrupted injection operation, the FSIU will feature both tandem loading at the aft and simultaneous side-by-side loading at the midship port side, enabling flexible and efficient LCO₂ transfer from LCO₂ carriers, up to 90,000 m3 capacity (tandem) and up to 50,000 m3 (side-by-side). The FSIU hull was developed in collaboration with Mitsubishi Shipbuilding Co. Ltd. (MSB), while the mooring system incorporates a SOFEC External Turret to allow dual loading operation as well as station keeping in non-directional environment as often found in Southeast Asia. The FSIU will also be equipped with diesel engine generators integrated with a carbon capture system on the topside, minimizing operational CO₂ emissions.This concept was developed in collaboration with Mitsui OSK Lines Ltd. (“MOL”), to leverage their experience and market position with LCO₂ carriers and its proven methods of safe storage, transport and offloading.By serving as an offshore storage and injection hub, the FSIU enables the sequestration of CO₂ into qualified reservoirs. By offering large-scale, flexible, and reliable offshore CO₂ storage, this solution supports the global transition to low-carbon energy.MODEC LCO2 FSIU, showing dual offloading to MOL LCO2 CarriersThis collaborative approach is positioned as a further example of a “Concept Design of Floating Alternative Energy Production Facility” as stated in the Mid-term Business Plan 2024-2026 “Explore a Sustainable Future with Innovation”. The concept of carbon storage and injection is achieved by leveraging MODEC’s expertise in overall layout, hull design and mooring technology, cultivated in Oil & Gas FPSO projects, with MOL’s expertise in LCO₂ transport. This FSIU is designed for a wide range of offshore field locations and potential clients.For the purpose of this AiP, BV’s technical experts conducted a comprehensive design review of the LCO₂ FSIU. The review encompassed critical safety aspects associated with the hull structure, mooring system, and LCO₂ storage, handling, and injection systems. By rigorously assessing the design against applicable BV Rules and international regulations, BV’s technical experts validated the FSIU’s technological and operational feasibility.MODEC considers this AiP as further demonstration of a floating solution for alternative energy production and will continue to strive to refine and mature this concept to address the key challenges for commercialization identified during this development. We will contribute to the effective reduction of emissions through innovative, technically sound and c