November 26, 2010 - NYK has decided to invest in Knutsen Offshore Tankers ASA (KOT), which will result in NYK owning 50 percent of KOT’s total capital. Following this investment, KOT’s name will change to Knutsen NYK Offshore Tankers AS.

KOT is the world's second-largest owner and operator of crude-oil shuttle tankers1 and operates all over the world. NYK 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 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.

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 services of the highest quality to its customers who demand these services.

About Knutsen NYK Offshore Tankers AS
Head office: Smedasundet 40, 5504 Haugesund, Norway
Business: Shuttle-tanker ownership and operation
Number of vessels: owned 24, operating 21
FY2009 revenue: 248 million U.S. dollars
Investment ratio: NYK 50%, TS Shipping Invest (TSSI) 50%

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