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NYK takes on tanker shuttle interests

NYK takes on tanker shuttle interests

Tokyo: NYK is to own 50% share in Knutsen Offshore Tankers following an investment decision that will see KOT change its name to Knutsen NYK Offshore Tankers AS. The Norwegian company is the world's second-largest owner with a fleet of 24 owned vessels and operates 21 crude-oil shuttles.

NYK has stated that it considers the offshore shuttle tanker business to be primed for growth following the expansion of offshore operations related to oil production in deep-sea areas, including locations off Brazil. Knutsen NYK Offshore Tankers will begin operations with 24 of the world's 82 shuttle tankers (existing and under construction).

"Through this investment, the NYK Group will be able to expand its services in upstream areas of the supply chain, in addition to the group's existing crude-oil transportation service," the company stated. "The new business fits well with NYK's expertise in the handling of  specialized cargo, such as crude oil, in addition to the company's experience with dynamic-positioning systems, such as that developed by a NYK Group company in its operations with the deepwater drilling vessel Chikyu. "

KOT declared revenues of $248m in 2009.  [26/11/10]