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NYK to Acquire Share of EMAS Chiyoda Subsea
-First Japanese shipping company to enter subsea industry-

June 13, 2016

from left:
Mr. Shogo Shibuya, President & CEO of Chiyoda Corporation
Mr. Lionel Lee, Group CEO & Managing Director of Ezra
Tadaaki Naito, president of NYK

NYK has reached an agreement with Ezra Holdings Limited (Ezra) and Chiyoda Corporation (Chiyoda) 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%, Chiyoda 35%, and NYK 25%.

 

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.

 

Based on its “More than Shipping 2018” medium-term management plan emphasizing differentiation through the use of creative solutions, NYK has been expanding its business in offshore oil and gas exploration/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.

 

Subsea EPCI work requires highly advanced engineering capabilities and a specialized skillset utilizing sophisticated subsea construction vessels, so NYK is confident that the expertise it has accumulated in the offshore business field, as well as the company’s long-standing competence in oil and gas shipping, will make a positive contribution to the joint-venture company.

 

The “Basic Plan on Ocean Policy,” an act approved by the Cabinet of Japan in April 2013, stipulates a vision of Japan as an oceanic state and encourages the promotion, creation, and development of maritime industries and marine resources, in addition to human resources having maritime technological capabilities.

 

NYK has been developing its offshore business in line with this basic plan, and we believe that we can further support the government’s initiatives through this new partnership with ECS. NYK will strive to enhance its capabilities in offshore resource development, including those in the exclusive economic zone of our home country.

 

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

• About EMAS Chiyoda Subsea Limited

Head Office: Two Snowhill, Birmingham, England and Wales, United Kingdom, B4 6WR
Established: March 31, 2016
Representative: Lee Chye Tek Lionel
Description of business: Subsea EPCI business
Number of Employees: 1,200 as of March 2016
Number of the vessels: 9 vessels

 

• About Ezra Holdings Limited

Head Office: 15 Hoe Chiang Road, #28-01 Tower Fifteen, Singapore
Established: 1992
Representative: Lee Chye Tek Lionel
Description of business: Offshore/subsea construction, marine, production, and well
 intervention services

 

• About Chiyoda Corporation

Head Office: Minatomirai Grand Central Tower 4-6-2, Minatomirai, Nishi-ku, Yokohama 220-8765, Japan
Established: January 20, 1948
Representative: Shogo Shibuya
Description of business: Project & program management, feasibility studies, FEED, engineering, procurement, construction, commissioning, O & M, and asset management
Number of Employees: 5,866 as of March 2016

 

• Related Press Release by Chiyoda Corporation

“EMAS CHIYODA Subsea welcomes NYK on board as new strategic partner” June 13, 2016
https://www.chiyoda-corp.com/news/pressrelease/2016/160613_e.pdf