Japanese shipowner Nippon Yusen Kabushiki Kaisha (NYK) has made a stunning move into the offshore sector after agreeing to purchase a 25% stake in EMAS Chiyoda Subsea, the offshore operator owned by Singapore’s Ezra Holdings and Japan’s Chiyoda Corporation.
In a release on the Singapore Exchange, Ezra Holdings said that it will receive $36m from NYK for a 10% stake, while Chiyoda is selling a 15% stake.
Ezra has committed the $36m in proceeds back to the jv in the form of a shareholder loan for working capital, while Chiyoda will inject $11.67m and NYK a further $8.33m via shareholder’s loans.
Tadaaki Naito, president, president corporate officer of NYK, commented: “I am delighted that we can offer another range of service in offshore segment by joining into EMAS Chiyoda Subsea. With reliable partners, I believe this opportunity would create strong alliance and I am excited that we would be able to contribute to worldwide offshore development, including that in our home country.”
Ezra said the addition of NYK will ensure accelerated growth of the subsea services business and bring expertise in vessel operations and asset management.
Last month Splash revealed that EMAS Chiyoda Subsea was looking to cold stack $150m pipelay vessel Lewek Centurion, with the vessel laying idle for some time in Batam, Indonesia.
The deal is subject to the approval of Ezra shareholders and is expected to be completed during the third quarter of 2016.
