NYK Wraps Up Investment in EMAS Chiyoda Subsea
- Business & Finance
Nippon Yusen Kabushiki Kaisha (NYK) has completed its investment in EMAS CHIYODA Subsea (ECS).
Through the acquisition of existing shares from Ezra and Chiyoda, NYK now holds a 25% equity interest in ECS.
Ezra and Chiyoda retain their respective 40% and 35% shareholding in ECS.
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. We are confident that the company’s long-standing competence in oil and gas shipping will make a positive contribution to this partnership.”
Shogo Shibuya, president and CEO of Chiyoda Corporation, said, “We would like to extend a big welcome to NYK as they join the ECS family. 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.”
Lionel Lee, group CEO and managing director of Ezra, added, “We are delighted to announce the addition of such a dominant force in the shipping industry. 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. NYK’s investment is a strong testament to the core fundamentals and long-term prospects of our subsea business.”