Akastor ASA Solidifies Control in AKOFS Offshore with New Shareholders Agreement

Akastor ASA Enhances its Stake in AKOFS Offshore

Akastor ASA (OSE: AKAST) has recently made significant strides in consolidating its ownership in AKOFS Offshore, a renowned provider of subsea well installation and intervention services. This progression follows the completion of a transfer of interests from Mitsui & Co., Ltd. to Akastor, culminating in the latter's control of 75% of AKOFS Offshore's shares.

New Shareholders Agreement with MOL

In conjunction with this transfer, Akastor has forged a new shareholders agreement with Mitsui O.S.K. Lines, Ltd. (MOL). This agreement comes into effect immediately and signifies a collaborative effort towards mutual benefits and operational effectiveness.

Ownership Distribution After the Transfer

As part of the new arrangement, Akastor and MOL have entered into a separate transaction to transfer 8.3% of AKOFS Offshore shares from Akastor to MOL. Once completed, this transaction will adjust the ownership structure to approximately 66% and 34%, enhancing both parties' commitment to the company's future.

Impact on AKOFS Offshore Operations

The recent transfer and agreements signify a strategic move for Akastor, bolstering its position in the competitive oil and gas sector. AKOFS Offshore operates three specialized offshore vessels—AKOFS Santos, Aker Wayfarer, and AKOFS Seafarer—serving prominent industry players such as Petrobras and Equinor.

Future Prospects for AKOFS Offshore

The completion of the transaction is anticipated later in the current quarter of 2025, ensuring that AKOFS Offshore continues to operate as a jointly controlled entity under Akastor. This strategic partnership is expected to not only enhance operational capacity but also expand opportunities within the subsea services market.

About AKOFS Offshore

AKOFS Offshore is at the forefront of providing vessel-based subsea services tailored to meet the needs of the oil and gas industry. With a dedicated workforce, the company is committed to delivering quality services through its fleet, which is adept at operating in various international waters.

A Unified Vision for Subsea Services

The partnership between Akastor and MOL exemplifies a unified vision to enhance subsea operations, promoting long-term growth and technological advancements in the oil and gas sector. By pooling resources and expertise, both companies aim to tackle the challenges of subsea production and installation effectively.

Conclusion

As Akastor ASA moves forward with strengthening its position in AKOFS Offshore, the collaboration with Mitsui and MOL represents a significant step towards future innovations and improvements in subsea services. With a strategic focus on operational excellence, Akastor is set to navigate the evolving landscape of the oil and gas industry with confidence and resolve.

Frequently Asked Questions

What is the latest development regarding Akastor ASA?

Akastor ASA has completed the transfer of Mitsui's interests in AKOFS Offshore, establishing a stronger ownership position.

What percentage of shares does Akastor control in AKOFS Offshore?

Akastor now controls 75% of the shares in AKOFS Offshore following the transfer from Mitsui.

What is the purpose of the shareholders agreement with MOL?

The shareholders agreement aims to ensure a collaborative operational effort between Akastor and MOL, optimizing the management of AKOFS Offshore.

What changes are expected in ownership after the transfer?

The transfer of 8.3% of shares will adjust the ownership structure to approximately 66% for Akastor and 34% for MOL.

How does AKOFS Offshore operate in the oil and gas industry?

AKOFS Offshore specializes in vessel-based subsea installation and intervention, using a fleet of specialized vessels for major oil and gas companies.

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