NYK acquires stake in subsea JV
Nippon Yusen Kabushiki Kaisha on Monday said it has signed an agreement with Ezra Holdings and the LNG engineer Chiyoda Corporation to acquire a 25 percent share of EMAS Chiyoda Subsea.
Once the deal is completed, the shareholders structure in the subsea engineer, ECS, will change to Ezra 40 percent, Chiyoda 35 percent and NYK 25 percent, the company’s statement reads.
ECS focuses on engineering, procurement, construction and installation of subsea facilities in offshore oil and gas field development.
The acquisition of a stake in the joint venture is in line with NYK’s recent expansion in the offshore oil and gas exploration and development business, the company said.
The EMAS Chiyoda Subsea joint venture was initially established by Ezra and Chiyoda in March 2016.