Akastor ASA Strengthens Control Over AKOFS Offshore Services

Akastor ASA Completes Mitsui Transfer

Akastor ASA has recently finalized a significant step in its corporate strategy by completing the transfer of Mitsui & Co., Ltd.'s interest in AKOFS Offshore AS. This agreement solidifies Akastor's control over 75% of AKOFS Offshore's shares, marking a pivotal moment for the company and its future endeavors within the industry.

New Shareholders Agreement with MOL

Alongside this transfer, Akastor and Mitsui O.S.K. Lines, Ltd. (MOL) have engaged in a new shareholders agreement that commenced effectively with the transfer. Furthermore, the two companies have initiated a transaction that will see an additional 8.3% of AKOFS Offshore's shares transferred from Akastor to MOL. This arrangement means that ownership will transition into a structure where Akastor holds two-thirds, and MOL holds one-third of AKOFS Offshore.

Understanding the Transaction Details

The transaction is being executed on an 'as is' basis, broadly paralleling the terms under which Akastor acquired shares from Mitsui. It includes an adjustment of shareholder loans and debt related to AKOFS Offshore. This transfer is expected to conclude in the first quarter of the upcoming year, thereby maintaining AKOFS Offshore as a collaboratively managed entity under Akastor’s guidance.

A Comprehensive Look at AKOFS Offshore

AKOFS Offshore stands out as a renowned provider of specialized vessel-based subsea well installation and intervention services tailored for the oil and gas sector. Operating a fleet of three high-tech offshore vessels—AKOFS Santos, Aker Wayfarer, and AKOFS Seafarer—this company is well-equipped to execute complex projects. With contracts secured for significant work with Petrobras in Brazil and with Equinor on the Norwegian Continental Shelf, the company's regional influence is broadening.

Workforce and Organizational Structure

As of the close of 2024, AKOFS Offshore boasted a dedicated workforce of 360 individuals, all committed to delivering excellence in offshore operations. With Akastor holding a 75% stake and MOL the remaining 25%, their joint efforts are set to strengthen operational capabilities and promote growth.

The Future of Akastor ASA and AKOFS Offshore

With its strategic acquisition and reallocation of shares, Akastor ASA is poised for significant advancement within the oil services sector. The company's emphasis on active ownership and long-term value generation resonates through its operational strategies, ensuring the continued success of AKOFS Offshore.

Commitment to Active Ownership

Akastor, based in Norway, takes pride in its flexible approach as an investment company dedicated to oil services. With a firm commitment to fostering innovation and operational efficiency, Akastor is not only reshaping its portfolio but is also playing a critical role in the advancement of the offshore industry.

Frequently Asked Questions

What is the recent development regarding Akastor ASA?

Akastor has completed the transfer of Mitsui's interests, significantly increasing its control over AKOFS Offshore.

What are the new ownership stakes following the transfer?

Post-transfer, Akastor will own 66.67% of AKOFS Offshore while MOL will hold 33.33%.

What services does AKOFS Offshore provide?

AKOFS Offshore specializes in vessel-based subsea well installation and intervention services for the oil and gas industry.

What is the size of the workforce at AKOFS Offshore?

As of the end of 2024, AKOFS Offshore employs around 360 individuals.

How does Akastor ASA plan to create long-term value?

Akastor emphasizes active ownership and strategic investments, aiming for sustainable growth and innovation in its operations.

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