Japan's NYK Enters Offshore Oil, Gas Exploration Space

Japan’s NYK has reached an agreement with Ezra Holdings Limited and Chiyoda Corporation to acquire a 25 percent share of EMAS Chiyoda Subsea Limited (ECS).

After NYK’s participation, the shareholding structure of ECS will change to Ezra 40 percent, Chiyoda 35 percent, and NYK 25 percent, NYK said in a statement.

ECS is a global player in the engineering, procurement, construction, and installation (EPCI) of subsea facilities — essential components in offshore oil and gas field development.

The move is part of NYK’s medium term plan to expanding its business in offshore oil and gas exploration and development. NYK currently offers seismic, drilling, production, and shuttle transportation services, and entry into the subsea EPCI segment will enable the company to further extend its service range in the offshore oil and gas value chain.

NYK said it will seek to further expand its offshore business developments in accordance with the company’s medium-term management plan.