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  • Marine Terminals
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  • MODEC’s step to an automated FX hedging process
  • Where Science Meets Function
  • The judges received a record-breaking nominations. The Adam Smith Awards Asia are now in their eighth year and are recognised throughout the region as the ultimate benchmark of corporate achievement. In , the company decided to automate this process, successfully reducing the time spent on it from three days to within one day. These systems include FPSO floating production storage and offloading units, FSO floating storage and offloading units, floating liquefied natural gas FLNG facilities, tension-leg platforms TLPs , semi-submersible platforms, mooring systems and new technologies to meet the challenges of gas production floaters.

    Now the program is running very well. This process is expected to provide hedge accounting documentation under IFRS 9 and generate GL journal entries for monthly valuations and settlement. The automation reduces the processing time from an average of three days to within one day. The main beneficial part for us is that the business has the hedge documentation available from the system.

    In the past, we spent hours on computing effectiveness for the hundreds of transactions. When we were using Excel, we were only doing this on a quarterly basis. Now we can do it every month. Automating this FX transaction was a first step for us in the treasury department. We are still doing many other reports manually for our headquarters in Japan. By bringing our HQ onboard this TRM module, we can have a seamless flow of information between us and them, which reduces any lag time and the need for us to extract the reports for them.

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    By the mids it had built its series of jack-up rigs, the first floating production storage and offloading vessel FPSO in , and in its first tension leg platform TLP. Success has led to the company establishing an international presence by opening offices in the US , Singapore , and Brazil.

    At present the company both provides engineering, procurement, construction, and installation EPCI services, and charter and operation of its own FPSO vessels. This vessel was delivered at the end of The series continues, however, with the announcement of a letter of intent signed by Petrobras for a new FPSO.

    The production capacity is , barrels of oil and it has storage space for 1. We gained this project as a result of a good working relationship with Petrobras, and particularly because of our portfolio of high quality FPSOs. We were able to offer competitive prices as well as other conditions that appealed to the operator. Conversion work begins in March and we hope to deliver the finished vessel by October This type of floating platform is moored to the seabed by high tensile steel pipe that allows very little vertical motion.

    They were first introduced in the mids and have become an essential part of the offshore oil and gas industry for deepwater development. Our new project is coming to fruition at the moment and we expect many more orders in this area over the coming five years. Building, maintenance, and operations are tightly interlinked and mean MODEC offers complete packages to clients. Many projects are expected to arise in this sector. We have already submitted some proposals in West Africa, Brazil, and Southeast Asia and expect their outcomes to be announced some time in This demonstrates its ongoing success not only in the newbuilding and EPCI sector but also the vessel operation market as well, spreading a strong foundation beneath the whole of the company.

    That philosophy is our selling point.

    Conversion work begins in March and we hope to deliver the finished vessel by October This type of floating platform is moored to the seabed by high tensile steel pipe that allows very little vertical motion. They were first introduced in the mids and have become an essential part of the offshore oil and gas industry for deepwater development.

    Marine Terminals

    Our new project is coming to fruition at the moment and we expect many more orders in this area over the coming five years. Building, maintenance, and operations are tightly interlinked and mean MODEC offers complete packages to clients.

    Eventually all challenges were resolved, and we went live in February this year, so the project took about a half year. There have been some small issues here and there — then we reached out to Zanders to resolve it.

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    Zanders consultants Michiel and Mart were really very helpful throughout the whole process. Even our hedge accounting entries are done by the system. The automation reduces the processing time from an average of three days to within one day. The main beneficial part for us is that the business has the hedge documentation available from the system. In the past, we spent hours on computing effectiveness for the hundreds of transactions.

    MODEC’s step to an automated FX hedging process

    When we were using Excel, we were only doing this on a quarterly basis. Now we can do it every month. Once everything is more stable, there are some things we may explore.

    Automating this FX transaction was a first step for us in the treasury department.

    Where Science Meets Function

    We are still doing many other reports manually for our headquarters in Japan. By bringing our HQ onboard this TRM module, we can have a seamless flow of information between us and them, which reduces any lag time and the need for us to extract the reports for them. The judges received a record-breaking nominations. The Adam Smith Awards Asia are now in their eighth year and are recognised throughout the region as the ultimate benchmark of corporate achievement.

    Inthe company decided to automate this process, successfully reducing the time spent on it from three days to within one day. These systems include FPSO floating production storage and offloading units, FSO floating storage and offloading units, floating liquefied natural gas FLNG facilities, tension-leg platforms TLPssemi-submersible platforms, mooring systems and new technologies to meet the challenges of gas production floaters. Now the program is running very well.


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