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    6269   JP3888250002

MODEC, INC.

(6269)
  Report
End-of-day quote. End-of-day quote Japan Exchange - 10/19
1982 JPY   +1.17%
10/05Mitsui & Co, Modec Launch Machine Learning Service Startup
MT
10/04MODEC : launches Shape as Digital Arm
PU
09/17Japan's Mitsui, Modec launch digital efficiency service for energy firms
RE
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Japan's Mitsui, Modec launch digital efficiency service for energy firms

09/17/2021 | 08:00am EDT
FILE PHOTO: Logo of Japanese trading company Mitsui & Co. is seen in Tokyo

TOKYO (Reuters) - Japan's trading house Mitsui & Co and its affiliate ocean engineering firm Modec Inc have launched a digital service to help improve the productivity of energy and other companies, aiming for sales of up to $100 million in five years.

The new company, called Shape, will detect early signs of glitches to reduce downtime and acting before a failure occurs to slash maintenance costs, Soichi Ide, executive officer at Modec, told Reuters.

The move comes as global oil and gas producers are looking to improve operational efficiency to increase output and therefore profit as they need to invest heavily in green energy to propel their future growth.

"The oil industry is moving towards decarbonisation, but it is important to improve the core business during the transition and we want to help that," Ide said.

The digital service was originally developed for its floating production storage and offloading (FPSO) vessels to trim downtime by combining technology and Modec's accumulated operations data from more than 20 years, which resulted in cutting downtime by 87%.

Modec, 14.9% owned by Mitsui, is one of the world's biggest operators of the FPSO, a floating vessel used by oil and gas companies for storage and offloading purposes.

"We are in talks with a major oil producer in Asia as well as a global shipping company and a steelmaker," Ide said.

Mitsui will use its global network to expand the new service, the company's general manager, Kenta Hori, said. Microsoft and McKinsey are their technology partners.

Also to help companies worldwide trim their carbon footprint, Shape is developing digital models to identify and measure carbon dioxide emissions in each step of operations.

(Reporting by Yuka Obayashi, editing by Louise Heavens)

By Yuka Obayashi


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MICROSOFT CORPORATION 0.06% 307.9707 Delayed Quote.38.58%
MITSUI & CO., LTD. -0.78% 2610.5 End-of-day quote.38.16%
MODEC, INC. 1.17% 1982 End-of-day quote.5.82%
All news about MODEC, INC.
10/05Mitsui & Co, Modec Launch Machine Learning Service Startup
MT
10/04MODEC : launches Shape as Digital Arm
PU
09/17Japan's Mitsui, Modec launch digital efficiency service for energy firms
RE
08/27MODEC : FPSO Carioca MV30 achieves First Oil and starts 21-Year Time Charter
PU
08/26MODEC : FPSO Carioca MV30 achieves First Oil and starts 21-Year Time Charter
PU
08/042021 HALF-YEAR FINANCIAL RESULTS ANA : 1986.0kb]
PU
08/03MODEC : 2021 Half-Year Financial Results
PU
08/03MODEC : 2021 Half-Year Financial Results[PDF:133.1KB]
PU
08/03Modec, Inc. Announces Consolidated Earnings Results for the Six Months Ended June 30, 2..
CI
08/03MODEC, Inc. Provides Earnings Guidance for the Full Year Ending December 31, 2021
CI
More news
Financials
Sales 2021 403 B 3 528 M 3 528 M
Net income 2021 7 313 M 64,0 M 64,0 M
Net Debt 2021 37 728 M 330 M 330 M
P/E ratio 2021 15,3x
Yield 2021 1,77%
Capitalization 112 B 982 M 983 M
EV / Sales 2021 0,37x
EV / Sales 2022 0,39x
Nbr of Employees 4 781
Free-Float 34,2%
Chart MODEC, INC.
Duration : Period :
MODEC, Inc. Technical Analysis Chart | 6269 | JP3888250002 | MarketScreener
Technical analysis trends MODEC, INC.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 2
Last Close Price 1 982,00 JPY
Average target price 3 050,00 JPY
Spread / Average Target 53,9%
EPS Revisions
Managers and Directors
Yuji Kozai President & Representative Director
Toshiro Miyazaki Chairman
Katsuya Natori Independent Outside Director
Shigenobu Aikyo Independent Outside Director
Hiroko Noda Independent Outside Director
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