Norway-based oil-services investment company Akastor will soon hold 75% of the shares in AKOFS Offshore while the remaining 25% will remain owned by Mitsui O.S.K. Lines, Ltd. (MOL), according to an announcement by Akastor on November 6. Currently, AKOFS Offshore is owned by Akastor AS (50%), Mitsui & Co., Ltd (25%) and Mitsui O.S.K. Lines, Ltd. (25%).
The company Akastor and Mitsui have made an agreement for the transfer of all of Mitsui’s interests in AKOFS Offshore AS to Akastor. In other words, Akastor is purchasing the 25% in AKOFS Offshore from Mitsui.
After the 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, Ltd.
The agreed purchase price after certain adjustments is $22.5m, Akastor said, of which $15m is payable at closing and remaining $7.5m is payable in two equal tranches in June and December 2025.
AKOFS Offshore, a provider of vessel-based subsea well installation and intervention service, operates three specialized offshore vessels, AKOFS Santos, Aker Wayfarer and AKOFS Seafarer.
The first two vessels are contracted to Petrobras for work in Brazil and the last one is contracted to Equinor for work on the Norwegian Continental Shelf.
As reported, the agreement is entered into on an “as is” basis and includes all of Mitsui’s interests in AKOFS Offshore, which includes 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”.
Akastor and MOL as remaining shareholders will negotiate and enter into a new shareholders agreement, Akastor said, on substantially similar terms but suitably adjusted to reflect the changed ownership.
Karl Erik Kjelstad, CEO of Akastor, said: “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.”
The deal subject to customary regulatory approvals is expected to take place in early first quarter of 2025.
AKOFS Offshore will remain classified as a joint venture, Akastor said, and accounted for using the equity method in the consolidated financial statements.
