Akastor ASA has signed an agreement to acquire all of the interests Mitsui & Co. Ltd holds in AKOFS Offshore, a provider of vessel-based subsea well installation and intervention services to the oil and gas industry.
“We sincerely thank Mitsui for their valuable and good collaboration since 2018,” remarked Karl Erik Kjelstad, CEO of Akastor. “We believe the timing for increasing our investment in AKOFS Offshore is right, as market dynamics within the subsea well intervention and installation sector are increasingly compelling.”
A purchase price of US$22.5mn will see Akastor now hold 75% of the shares in AKOFS Offshore with Mitsui O.S.K. Lines holding the remaining 25%. As part of this development, the two shareholders will negotiate and enter into a new shareholders agreement on similar terms but reflecting the changed ownership.
“We are excited to deepen our commitment as well as to continue the journey together with MOL as partner,” continued Kjelstad. “Together, we remain confident that AKOFS Offshore is well-positioned for continued growth in the years to come and are well-aligned regarding our ownership strategy.”
