Singapore-listed Ezra Holdings Ltd. reported that Japan's Nippon Yusen Kabushiki Kaisha (NYK) has completed the transaction to acquire a 25 percent interest in EMAS CHIYODA Subsea (ECS) from the company and Chiyoda Corp.
Following the completion, Ezra and Chiyoda will hold 40 percent and 35 percent interests in the joint venture (JV), respectively. ECS is a global engineering, procurement, construction, installation and commissioning service provider that offers subsea-to-surface solutions throughout the lifecycle of oil and gas projects.
"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 said in the press release.
Ezra CEO and Managing Director Lionel Lee expected NYK's participation in this JV will enable ECS 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."