Akastor sells half of AKOFS Offshore to Japanese duo

Norway’s Akastor has completed the sale of its 50 percent stake in the offshore service provider AKOFS Offshore.

The original deal for the sale was announced in June 2018 when it was agreed that Japan’s MITSUI & CO., LTD, and Mitsui O.S.K. Lines, Ltd, would each buy 25% of the shares.  The remaining 50% will continue to be owned by Akastor.

Akastor on Wednesday said: “All closing conditions have been fulfilled. The closing of the transaction took place on 26 September 2018…”

The price for the 50% shareholding is USD 142.5 million, plus interest from locked box date.

AKOFS Offshore provides subsea support vessels for offshore oil and gas well construction and intervention (maintenance, repair, etc.) services. Mitsui and MOL will each purchase 25% of the shares in Akofs Offshore from Akastor.

AKOFS operates three subsea support vessels, which engage in the installation of the subsea facilities used for subsea oil and gas production, as well as subsea well intervention and completion.

All of those vessels are capable of operating in waters up to a depth of over 2,000 meters, of which two vessels (including Skandi Santos) have been chartered by Petrobras, a Brazilian state-run oil company, and one vessel is slated to be chartered by Equinor Energy AS.

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