Japan-based Nippon Yusen Kabushiki Kaisha (NYK), EMAS Chiyoda Subsea Ltd. (ECS), Ezra Holdings, and Chiyoda Corp. completed a deal that sees NYK gain 25% stake in 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.
Ezra said with the initial formation of the 50:50 joint venture with Chiyoda completed in March 2016, the depth and breadth of ECS’ operational offerings have been boosted by Chiyoda’s front end engineering design (FEED), and engineering, procurement and construction (EPC) expertise.
NYK’s 130-plus years of track record in ship management and operation will lend further support to ECS’ global expansion strategy and enable ECS to become a leading player in the subsea space.
Lionel Lee, group CEO and managing director of Ezra said, “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.”
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