{
  "commentary": "## PL──FPSO事業の大型受注・建造費前倒し計上による収益振動\n\n連結売上高はFY02（2002年12月期）24億円台のスタートからFY09（2009年12月期）2,042億円・FY14（2014年12月期）3,785億円と上場後10年で大幅に拡大した一方、FY15以降のFPSO建造費高騰局面でFY19（2019年12月期）営業赤字48億円・純損失182億円、FY20（2020年12月期）営業赤字、FY21（2021年12月期）純損失504億円と3期連続で大規模な純損失を計上した。FPSO事業の特性として、長期契約に基づく建造費・運営費の前倒し計上が会計上の損失を生む構造で、業績振動の幅が極めて大きい事業特性が顕在化した。\n\nFY22以降は会計基準・収益認識のIFRS基準下での処理が安定し、FY23（2023年12月期）売上3.57億ドル・純利益9,654万ドル、FY24（2024年12月期）売上4.19億ドル・営業利益3.23億ドル・純利益2.20億ドル、FY25（2025年12月期）売上4.58億ドル・営業利益4.38億ドル・純利益3.61億ドルと収益回復軌道に入った（IFRS・USD表示）。直近期は中期経営計画2024-2026で再設定された2026年度純利益3億米ドル目標を超過する水準にある。\n\n## BS──FPSO建造・運営に伴う長期資産積み上げ\n\n連結総資産は受注したFPSOの建造・運営に伴う固定資産の積み上げで継続的に拡大している。FPSO事業の収益認識はリース期間（10〜20年）にわたる長期の運営収入を主軸とし、建造期の前倒し費用認識を経て長期運営期に収益化するモデルである。直近の財務目標は2026年度純利益300百万米ドルに設定され、長期運営契約の収益安定化が進む段階にある。\n\n## セグメント／地域構成\n\n報告セグメントは海洋資源開発関連事業の単一事業で、地域別はブラジル・ガイアナ・西アフリカ（アンゴラ・ガーナ・セネガル・コートジボワール）・東南アジア（ベトナム）・北米メキシコ等の油田所在地域に分散している。直近の大型受注は2025年3月のブラジル沖Gato do Matoフィールド向けFPSO、2025年9月のガイアナHammerheadプロジェクトでEPCI契約を獲得した。エクソンモービル・シェル・ペトロブラス・BP・Tullow Oil・Woodside等のメジャー石油会社向け案件が中心で、地域構成は油田開発の世界分布に直接連動している。\n\n事業地域は依存的に石油メジャー各社の探鉱・開発計画に左右され、三井海洋開発単独の事業計画では決まらない構造である。",
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      "FY": "FY12",
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      "avg_age": null
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      "FY": "FY13",
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    },
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    },
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      "FY": "FY19",
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  ]
}
