Japan’s Modec, the world’s second largest floating production contractor, will receive a net 14.9 billion yen ($110 million) from a new stock issue that will bring in a new shareholder and strengthen capacity to take on multiple deep-water projects.

Modec, headed by chief executive Takeshi Kanamori, said today the new funds will come via the issue of 11.9 million new Modec shares to existing shareholder Mitsui & Co and new shareholder — Japanese shipping company Mitsui OSK Lines.

Mitsui OSK Lines will subscribe to the bulk of the new shares to earn a 14.86%