Japanese shipping company Nippon Yusen Kabushiki Kaisha (NYK) has revealed that it will acquire a 50 percent holding in Norwegian shuttle vessel operator Knutsen Offshore Tankers (KOT), but it has not disclosed the price.
With the deal, the company seeks to take advantage of the growing shuttle tanker segment as deep-sea oil production is expanding.
KOT owns 24 shuttle tankers, both in operation and under construction, or more than a fourth of the 82 shuttle tankers globally.
Following the transaction, KOT's name will change to Knutsen NYK Offshore Tanker.
Norwegian TS Shipping Invest will hold the remaining 50 percent interest.
