NYK has signed a sale and purchase agreement with Vår Energi CCS AS (Vår Energi) to acquire a 30% interest in Trudvang CCS ANS, the operator of the Trudvang CCS* project in Norway (“the Project”), as well as a corresponding 30% interest in CO₂ storage exploration license EXL007.**
The transaction is expected to be completed through a wholly owned subsidiary that NYK plans to establish in Norway. Completion of the transfer remains subject to regulatory approvals and other customary closing conditions.

The NYK Group has been advancing the development and commercialization of liquefied CO₂ (LCO₂) transportation through Knutsen NYK Carbon Carriers AS (KNCC), a 50:50 joint venture between NYK and the Knutsen Group. In parallel, the NYK Group has been exploring business opportunities in adjacent areas of the CCS value chain, including marine transportation, offshore handling and injection, and geological storage.

Participation in the Project will enable the NYK Group to expand beyond marine transportation and build capabilities across the broader CCS value chain. Through its participation in a CCS project under development in Europe, NYK Group aims to accumulate practical knowledge and expertise in project development as well as the technical and commercial aspects of the transport and storage business.

The Project is being developed under the license EXL007, which covers activities on the Norwegian Continental Shelf. It aims to develop a transport and storage business that will transport CO₂ captured from industrial emitters in Europe for injection and permanent storage in an offshore geological formation. Technical and commercial studies are currently underway toward the commercialization of the Project.

The Project is operated by Vår Energi, with INPEX Idemitsu Norge AS participating as a partner. Upon completion of the transfer, NYK’s planned wholly owned Norwegian subsidiary will acquire from Vår Energi a 30% partnership interest in Trudvang CCS ANS and a corresponding 30% participating interest in EXL007, joining the Project as a partner.
A key success factor for CCS projects is the establishment of an integrated value chain linking industrial emitters that capture CO₂ with the infrastructure required to transport, inject, and permanently store the captured CO₂.

By leveraging the expertise accumulated through its marine transportation and offshore businesses, such as exploration and drilling, refining, liquefaction, and storage, the NYK Group will deepen its involvement in the transport and storage business through the Project, including offshore handling, injection and storage.

Through participation in the Project, the NYK Group will work to establish a business foundation in the CCS sector, create new value beyond the traditional boundaries of shipping and offshore businesses, and contribute to the realization of a decarbonized society.

* CCS
CCS stands for Carbon dioxide Capture and Storage. It is a technology that captures CO₂ emitted from sources such as thermal power plants and industrial facilities and stores it in stable underground geological formations. When CO₂ must be transported over long distances from the capture site to a utilization or storage site, dedicated LCO₂ carriers may be used.

** EXL007
EXL007 is a CO₂ storage exploration license awarded by the Norwegian Ministry of Energy for a designated area of the Norwegian Continental Shelf. The license grants its holders the exclusive right to conduct exploration activities within the license area to assess its potential for the geological storage of CO₂. The Trudvang CCS project aims to develop CO₂ injection and permanent storage operations within this area.

*** Dynamic Positioning System (DPS)
A system that automatically calculates external forces such as wind and currents and uses thrusters and other propulsion devices to maintain a vessel's position at sea.

On March 10, 2023, the NYK Group released its medium-term management plan “Sail Green, Drive Transformations 2026 - A Passion for Planetary Wellbeing . ” The NYK Group is promoting growth strategies with sustainability at the core, based on the Group’s mission statement of “Bringing value to life” and a new corporate vision for 2030, which reads, “we go beyond the scope of a comprehensive global logistics enterprise to co-create value required for the future by advancing our core business and growing new ones.”