Modec

Modec was a Coventry, UK electric vehicle manufacturer, specialising in Commercial vehicles in the N2 category. It unveiled its first model in April 2006 and announced its intention to commence series production in March 2007, with the first production vehicles destined for Tesco. Following a long-term decline in sales, it entered administration in March 2011, with all remaining assets and intellectual property sold to Navistar International.

History

Closure

Following a long-term decline in sales with a total production of around 400 vehicles, and following the failure of a rescue deal with Navistar, Modec entered administration in March 2011 with debts of over £40m. Navistar subsequently bought the intellectual property rights from administrators Zolfo Cooper.

Following the closure of the business and sale of the assets, Liberty Electric Cars hired the entire Modec engineering team and set up a new subsidiary “Liberty E-Tech”. After failing in January 2011 to agree a deal with Navistar to buy the brand, in July 2011 Liberty launched a service called “e-Care” to service and maintain Modec vehicles, which presently covers the UK, France, Germany and Dubai.

MODEC

MODEC Inc. (三井海洋開発株式会社, Mitsui Kaiyōkaihatsu Kabushikigaisha, Mitsui Ocean Development & Engineering Inc.) is a global supplier and operator of offshore floating platforms.

Background

The company has headquarters in Tokyo, Japan and regional offices in Angola, Australia, Brazil, Belgium, Ivory Coast, Indonesia, Mexico, Nigeria, Singapore, Thailand, USA and Vietnam. MODEC has around 2,000 employees.

MODEC holds 51% of the shares in SOFEC, Inc and 20% of the shares in NATCO Japan Co., Ltd.

MODEC, Inc. is traded on the Tokyo stock exchange under the symbol 6269.

Mitsui Engineering & Shipbuilding Co., Ltd. holds around 18,700,000 shares which represents just over 50% of the company shares issued.

The company has operations in all major offshore regions and currently owns and operates 23 Floating Production Storage and Offloading vessels.

Company history

The company was founded in 1968. In the mid 1970s MODEC began constructing jack-up drilling rigs.

The company's first offshore production vessel was the FPSO Kakap Natuna installed in April 1986 at the Kakap KH field in 88 meters water depth, approximately 175 miles west of Great Natuna Island offshore Indonesia.