{
  "commentary": "## 三井造船・三井物産の親密二社が長期保有する構造（上場期）\n\n2003年7月の東証二部上場以来、三井海洋開発の大株主構成は親会社である三井造船株式会社（後の株式会社三井E&S）と三井物産株式会社の親密二社が長期保有する形で推移してきた。1987年6月の旧三井海洋開発株式会社の子会社として設立されて以来、1988年12月の旧三井海洋開発事業継承時に同社株式が三井造船・三井物産の二社に折半で引継がれた経緯がある。1991年3月には三井物産保有分が全株三井造船へ譲渡され三井海洋開発は三井造船の子会社化したが、その後2003年7月の上場時に三井造船・三井物産が再び主要株主に並列する構造に転じた。\n\n## 商船三井の登場と単独筆頭株主化（FY24・2024年12月期）\n\n2023年6月、第三者割当増資により株式会社商船三井が三井E&S・三井物産と共に主要株主として登場し、三井海洋開発株式の14.86%を取得した。これは商船三井がFPSO事業に限らず脱炭素時代における両社のオフショア事業発展を目指す業務提携契約の一環として実施されたものである。\n\n2024年8月、商船三井が市場買付で89,500株を追加取得し、三井海洋開発への出資割合を15.00%まで引き上げて単独筆頭株主となった。これにより三井海洋開発は商船三井の持分法適用関連会社となり、創業以来の三井造船系の親会社支配構造から、商船三井・三井E&S・三井物産の三社による親密株主構造へ刷新された。\n\n## 株主構成の歴史的読み解き\n\n三井海洋開発の株主構成史は、日本のオフショア海洋開発事業における三井グループの位置取りの変化を映している。1968年12月の旧三井海洋開発設立時、三井造船・三井物産が出資元として登場した時点で、三井海洋開発事業は三井グループの海洋開発戦略の中核を担う位置づけにあった。1987年の現法人設立から2023年までの36年間、三井造船（後の三井E&S）が主要株主として継続保有してきたが、2023年6月の商船三井の新規参入により株主構成の刷新が始まった。\n\n商船三井の単独筆頭株主化は、海運業界の脱炭素対応とFPSO事業の連携を背景としている。海運大手の商船三井がFPSOのEPCI・運営に強みを持つ三井海洋開発を持分法適用関連会社化することは、両社の戦略的補完関係を制度化したものといえる。三井造船系の親会社支配構造から、商船三井を加えた三社の親密株主体制への移行は、三井海洋開発の事業領域がFPSOから海洋エネルギー全般へ広がる過程と整合している。",
  "shareholders": [
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      "FY": "FY16",
      "period": "2016/12",
      "rank": 1,
      "name": "三井造船株式会社",
      "shareholding_ratio": 50.1,
      "shares_held": 28261000
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 2,
      "name": "三井物産株式会社",
      "shareholding_ratio": 14.86,
      "shares_held": 8387000
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 3,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口)",
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    {
      "FY": "FY16",
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      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
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    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 5,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口９)",
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      "shares_held": 491000
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    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 6,
      "name": "JP MORGAN CHASE BANK 380535(常任代理人 株式会社みずほ銀行決済営業部)",
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    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 7,
      "name": "CHASE MANHATTAN BANK GTS CLIENTS ACCOUNTESCROW(常任代理人 株式会社みずほ銀行決済営業部)",
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    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 8,
      "name": "CEPLUX BANQUE DEGROOF PETERCAM LUX - NONAIFOMNIBUS(常任代理人 シティバンク銀行株式会社)",
      "shareholding_ratio": 0.58,
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    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 9,
      "name": "BARCLAYS BANK PLC A/C CLIENT SEGREGATED A/C PB CAYMAN CLIENTS(常任代理人 バークレイズ証券株式会社)",
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    {
      "FY": "FY16",
      "period": "2016/12",
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      "rank": 2,
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      "FY": "FY17",
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      "rank": 3,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
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      "FY": "FY17",
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    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 6,
      "name": "EVERGREEN(常任代理人 株式会社三菱東京ＵＦＪ銀行)",
      "shareholding_ratio": 0.82,
      "shares_held": 465000
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 7,
      "name": "CHASE MANHATTAN BANK GTS CLIENTS ACCOUNTESCROW(常任代理人 株式会社みずほ銀行決済営業部)",
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      "shares_held": 440000
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 8,
      "name": "STATE STREET BANK AND TRUST COMPANY(常任代理人 香港上海銀行東京支店カストディ業務部)",
      "shareholding_ratio": 0.72,
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    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 9,
      "name": "J.P.MORGAN SECURITIES PLC FOR AND ON BEHALF OF ITS CLIENTS JPMSP RE CLIENT ASSETS-SETTACCT(常任代理人 シティバンク、エヌ・エイ東京支店)",
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    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 10,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口５)",
      "shareholding_ratio": 0.71,
      "shares_held": 400000
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 1,
      "name": "株式会社三井Ｅ＆Ｓホールディングス",
      "shareholding_ratio": 50.1,
      "shares_held": 28261000
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    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 2,
      "name": "三井物産株式会社",
      "shareholding_ratio": 14.86,
      "shares_held": 8387000
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 3,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口)",
      "shareholding_ratio": 2.72,
      "shares_held": 1535000
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 4,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 2.56,
      "shares_held": 1445000
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    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 5,
      "name": "JP MORGAN CHASE BANK 385632(常任代理人 株式会社みずほ銀行決済営業部)",
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    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 6,
      "name": "SSBTC CLIENT OMNIBUS ACCOUNT(常任代理人 香港上海銀行東京支店カストディ業務部)",
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      "shares_held": 692000
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 7,
      "name": "THE BANK OF NEW YORK MELLON 140042(常任代理人 株式会社みずほ銀行決済営業部)",
      "shareholding_ratio": 0.86,
      "shares_held": 485000
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 8,
      "name": "EVERGREEN(常任代理人 株式会社三菱ＵＦＪ銀行)",
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      "shares_held": 475000
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      "FY": "FY18",
      "period": "2018/12",
      "rank": 9,
      "name": "STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行決済営業部)",
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      "shares_held": 468000
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    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 10,
      "name": "日本トラスティ・サービス信託銀行株式会社 (信託口５)",
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      "shares_held": 411000
    },
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      "period": "2019/12",
      "rank": 1,
      "name": "株式会社三井Ｅ＆Ｓホールディングス",
      "shareholding_ratio": 50.1,
      "shares_held": 28261000
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    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 2,
      "name": "三井物産株式会社",
      "shareholding_ratio": 14.86,
      "shares_held": 8387000
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    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 3,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口)",
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      "shares_held": 1859000
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      "FY": "FY19",
      "period": "2019/12",
      "rank": 4,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 2.97,
      "shares_held": 1680000
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    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 5,
      "name": "JP MORGAN CHASE BANK 385632(常任代理人 株式会社みずほ銀行決済営業部)",
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      "shares_held": 1505000
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    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 6,
      "name": "NORTHERN TRUST GLOBAL SERVICES SE, LUXEMBOURG RE LUDU RE:UCITS CLIENTS 15.315 PCT NON TREATY ACCOUNT (常任代理人 香港上海銀行東京支店カストディ業務部)",
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      "shares_held": 438000
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 7,
      "name": "SSBTC CLIENT OMNIBUS ACCOUNT(常任代理人 香港上海銀行東京支店カストディ業務部)",
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      "shares_held": 434000
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    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 8,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口５)",
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      "shares_held": 424000
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 9,
      "name": "THE BANK OF NEW YORK MELLON 140042(常任代理人 株式会社みずほ銀行決済営業部)",
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      "shares_held": 415000
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 10,
      "name": "CLEARSTREAM BANKING S.A(常任代理人 香港上海銀行東京支店カストディ業務部)",
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      "shares_held": 373000
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      "period": "2020/12",
      "rank": 1,
      "name": "株式会社三井Ｅ＆Ｓホールディングス",
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      "shares_held": 28261000
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      "FY": "FY20",
      "period": "2020/12",
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      "name": "三井物産株式会社",
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      "FY": "FY20",
      "period": "2020/12",
      "rank": 3,
      "name": "JP MORGAN CHASE BANK 385632(常任代理人 株式会社みずほ銀行決済営業部)",
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      "shares_held": 1995000
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    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 4,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
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      "shares_held": 1466000
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 5,
      "name": "株式会社日本カストディ銀行(信託口)",
      "shareholding_ratio": 1.99,
      "shares_held": 1125000
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 6,
      "name": "NORTHERN TRUST GLOBAL SERVICES SE, LUXEMBOURG RE LUDU RE:UCITS CLIENTS 15.315 PCT NON TREATY ACCOUNT(常任代理人 香港上海銀行東京支店カストディ業務部)",
      "shareholding_ratio": 1.28,
      "shares_held": 724000
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 7,
      "name": "STATE STREET LONDON CARE OF STATE STREET BANK AND TRUST, BOSTON SSBTC A/C UK LONDON BRANCH CLIENTS- UNITED KINGDOM(常任代理人 香港上海銀行東京支店カストディ業務部）",
      "shareholding_ratio": 0.83,
      "shares_held": 471000
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 8,
      "name": "CLEARSTREAM BANKING S.A(常任代理人 香港上海銀行東京支店カストディ業務部)",
      "shareholding_ratio": 0.82,
      "shares_held": 464000
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 9,
      "name": "株式会社日本カストディ銀行(信託口５)",
      "shareholding_ratio": 0.58,
      "shares_held": 332000
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 10,
      "name": "株式会社日本カストディ銀行(信託口９)",
      "shareholding_ratio": 0.58,
      "shares_held": 327000
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 1,
      "name": "株式会社三井Ｅ＆Ｓホールディングス",
      "shareholding_ratio": 49.1,
      "shares_held": 27697000
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 2,
      "name": "三井物産株式会社",
      "shareholding_ratio": 14.86,
      "shares_held": 8387000
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 4.74,
      "shares_held": 2674000
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 4,
      "name": "JP MORGAN CHASE BANK 385632(常任代理人 株式会社みずほ銀行決済営業部)",
      "shareholding_ratio": 3.41,
      "shares_held": 1926000
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 5,
      "name": "株式会社日本カストディ銀行(信託口)",
      "shareholding_ratio": 1.61,
      "shares_held": 911000
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 6,
      "name": "NORTHERN TRUST GLOBAL SERVICES SE, LUXEMBOURGRE LUDU RE:UCITS CLIENTS 15.315 PCT NON TREATYACCOUNT(常任代理人 香港上海銀行東京支店カストディ業務部)",
      "shareholding_ratio": 1.52,
      "shares_held": 862000
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 7,
      "name": "MLI FOR CLIENT GENERAL OMNI NON COLLATERAL NONTREATY-PB(常任代理人 ＢＯＦＡ証券株式会社）",
      "shareholding_ratio": 0.75,
      "shares_held": 424000
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 8,
      "name": "STATE STREET LONDON CARE OF STATE STREET BANKAND TRUST, BOSTON SSBTC A/C UK LONDON BRANCHCLIENTS- UNITED KINGDOM(常任代理人 香港上海銀行東京支店カストディ業務部)",
      "shareholding_ratio": 0.66,
      "shares_held": 374000
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 9,
      "name": "STATE STREET BANK AND TRUST COMPANY 505227(常任代理人 株式会社みずほ銀行決済営業部)",
      "shareholding_ratio": 0.56,
      "shares_held": 318000
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 10,
      "name": "CLEARSTREAM BANKING S.A(常任代理人 香港上海銀行東京支店カストディ業務部)",
      "shareholding_ratio": 0.56,
      "shares_held": 317000
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 1,
      "name": "株式会社三井Ｅ＆Ｓホールディングス",
      "shareholding_ratio": 49.1,
      "shares_held": 27697000
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 2,
      "name": "三井物産株式会社",
      "shareholding_ratio": 14.86,
      "shares_held": 8387000
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 5.4,
      "shares_held": 3048000
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 4,
      "name": "JP MORGAN CHASE BANK 385632(常任代理人 株式会社みずほ銀行決済営業部)",
      "shareholding_ratio": 3.38,
      "shares_held": 1908000
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 5,
      "name": "NORTHERN TRUST GLOBAL SERVICES SE, LUXEMBOURGRE LUDU RE:UCITS CLIENTS 15.315 PCT NON TREATYACCOUNT(常任代理人 香港上海銀行東京支店カストディ業務部)",
      "shareholding_ratio": 1.59,
      "shares_held": 897000
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 6,
      "name": "株式会社日本カストディ銀行(信託口)",
      "shareholding_ratio": 1.27,
      "shares_held": 717000
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 7,
      "name": "MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーMUFG証券株式会社)",
      "shareholding_ratio": 0.9,
      "shares_held": 511000
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