Norwegian company Akastor has signed an agreement for the transfer of all of Mitsui’s interests in AKOFS Offshore, a provider of vessel-based subsea well construction and intervention services, for $22.5 million.
The agreement is entered into on an ‘as is’ basis and includes all of Mitsui’s interests in AKOFS Offshore, which cover both equity and shareholder loans.
As part of the transaction, Akastor also assumes Mitsui’s exposure under the guarantee structure related to the financing of AKOFS Santos.
Following completion of the transaction, Akastor will hold 75% of the shares in AKOFS Offshore while the remaining 25% will remain owned by Mitsui O.S.K. Lines (MOL).
Akastor and MOL as remaining shareholders will negotiate and enter into a new shareholders agreement, on substantially similar terms but suitably adjusted to reflect the changed ownership.
"We sincerely thank Mitsui for their valuable and good collaboration since 2018. 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.
“We are excited to deepen our commitment as well as to continue the journey together with MOL as partner. 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,” said Karl Erik Kjelstad, CEO of Akastor.
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