August 9, 2011 - Knutsen NYK Offshore Tankers AS (headquarters: Haugesund, Norway), of which NYK has a 50% share, has signed a time-charter party with Repsol YPF A.S (headquarters: Madrid, Spain), a worldwide energy company that conducts business activities mainly in Spain and Argentina. The contract is for a five-year period starting from the fourth quarter of 2012 and is the first time-charter contract for NYK after entering the offshore shuttle tanker1 business in December 2010.

A new 157,000 DWT Suezmax tanker, which is being built at Hyundai Heavy Industries and will have a dynamic-positioning system installed, will be used for the contract to transport crude oil from locations such as off Brazil.
The NYK Group will continue its efforts to provide stable and economical energy-transport services.
1Shuttle tanker
Also called a “floating pipeline,” a shuttle tanker loads crude oil from floating production, storage, and offloading (FPSO) units in deepwater fields while maintaining a certain position in the ocean, and then transports the oil to crude-oil storage units or petroleum storage stations on land.

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