Modec Inc (Modec) provides comprehensive engineering, procurement, construction, installation, leasing and operation services to offshore oil and gas production facilities across the world. Modec operates through a single business segment. The company's business portfolio includes the construction of FPSOs, tension leg platforms (TLPs), and mooring systems.

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Modec is conducting research and development activities to support the transition to a decarbonized society by ensuring a stable supply of oil-based energy through FPSOs while reducing greenhouse gas emissions. The company is focusing on improving efficiency in design and construction, developing repair technologies for offshore environments, and utilizing robotics for maintenance. Additionally, Modec is working on condition-based and predictive maintenance to maintain asset integrity and is committed to reducing greenhouse gas emissions across the entire lifecycle. The company is also exploring alternative energy solutions, such as the Blue Ammonia FPSO concept and developing offshore wind power generation facilities, power-generating barges, and lithium recovery facilities. The R&D unit of the company is SOFEC, a group company, which is engaged in research and development activities such as the development of high-voltage electric swivels and offshore discharge equipment for ammonia and liquid CO2. In FY2024, the company incurred a research and development expenditure of US$16.5 million, which was 0.4% of the company's total revenue.