Subsea 7 has refused to comment on industry rumours that it is moving on Emas Chiyoda Subsea (ECS), by buying at least the 25% stake held by Japanese shipping giant Nippon Yusen Kaisha (NYK).
While the Oslo-listed contractor might provide NYK with an exit from the embattled joint venture, Chiyoda Corp is expected to remain as the majority shareholder and Ezra Holdings’ “investment is to be liquidated”, say offshore sources in Singapore.
NYK
