Japan’s NYK expands into offshore oil & gas with Emas Chiyoda stake buy
Japan’s Nippon Yusen Kabushiki Kaisha (NYK) has acquired a 25 percent share of Emas Chiyoda Subsea, based on an agreement signed with Ezra Holdings Limited and the Chiyoda Corporation.
NYK decided to invest into Emas Chiyoda Subsea in June this year and the investment was completed on Thursday, September 29.
Ezra and Chiyoda retain their respective 40% and 35% shareholding in Emas Chiyoda Subsea. With the initial formation of the 50:50 joint venture between Ezra and Chiyoda completed in March 2016, the depth and breadth of Emas Chiyoda’s operational offerings have been boosted by Chiyoda’s complementary Front End Engineering Design (FEED) and Engineering, Procurement and Construction (EPC) expertise.
According to Ezra, NYK’s 130-plus years of track record in ship management and operation will lend further support to Emas Chiyoda Subsea’s global expansion strategy as well as its role as a subsea player.
Tadaaki Naito, President, President Corporate Officer of NYK, said, “This partnership signifies an important new phase of our business as NYK expands into the offshore oil and gas exploration and development.”
Shogo Shibuya, President and CEO of Chiyoda Corporation, said, “As part of its strategic medium-term plan, Chiyoda has been focusing on expanding its business in the offshore and upstream field to offer “Seamless subsea developments from concept to execution and life-of-field” as Offshore and Upstream project integrator. We are confident that NYK’s participation in this partnership will significantly accelerate the growth of ECS’s capability as a leading offshore EPCI contractor.”
Commenting on this latest development of ECS, Lionel Lee, Group CEO and Managing Director of Ezra, said, “NYK’s participation in this JV will enable us to tap into the Japanese market and NYK’s wealth of experience in vessel operations around the world.”