NYK takes stake in Knutsen

Nippon Yusen Kabushiki (NYK) is to take a 5O% interest in Norwegian company Knutsen Offshore Tankers (KOT).

Offshore staff

TOKYO -- Nippon Yusen Kabushiki (NYK) is to take a 5O% interest in Norwegian company Knutsen Offshore Tankers (KOT). Under the agreement, KOT will be re-named Knutsen NYK Offshore Tankers.

KOT, based in Haugesund, claims to be the world's second-largest owner and operator of crude-oil shuttle tankers. NYK foresees strong growth prospects in following the expansion of offshore operations related to deep-sea oil production, notably off Brazil.

Knutsen NYK Offshore Tankers will start out with a fleet of 24 shuttle tankers (existing and under construction).

NYK Group brings expertise in handling of crude oil cargoes, and in dynamic-positioning systems via a subsidiary company’s operations with the deepwater drilling vessel Chikyu.

Together with NYK’s financial strength and pool of highly trained seafarers, one of the world’s largest, and KOT’s pioneering technologies, Knutsen NYK Offshore Tankers will be able to further expand its market presence, while continuing to offer these services.

11/29/2010

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