FORNEBU, Norway, Nov. 6, 2024 /PRNewswire/ — Akastor ASA (OSE: AKAST) and Mitsui & Co., Ltd, (“Mitsui”) have right now signed an settlement for the switch of all of Mitsui’s pursuits in AKOFS Offshore AS (“AKOFS Offshore”) to Akastor. Agreed buy worth, after sure changes, is USD 22.5 million, of which USD 15 million is payable at closing and remaining USD 7.5 million is payable in two equal tranches in June and December 2025. The settlement is entered into on an “as is” foundation and consists of all of Mitsui’s pursuits in AKOFS Offshore, which incorporates each fairness and shareholder loans. As a part of the transaction, Akastor additionally assumes Mitsui’s publicity beneath the assure construction associated to the financing of “AKOFS Santos”.
Following completion of the transaction, Akastor will maintain 75% of the shares in AKOFS Offshore whereas the remaining 25% will stay owned by Mitsui O.S.Okay. Traces, Ltd. (TYO:) (“MOL”). As a part of the transaction, Akastor and MOL as remaining shareholders will negotiate and enter into a brand new shareholders settlement, on considerably related phrases however suitably adjusted to replicate the modified possession.
Karl Erik Kjelstad, CEO of Akastor, feedback; “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.”
Completion of the transaction is topic to customary regulatory approvals and is predicted to happen in early Q1 2025. AKOFS Offshore will stay categorized as a three way partnership and accounted for utilizing the fairness technique within the consolidated monetary statements.
Arctic Securities is performing as monetary advisor in reference to the transaction and BA-HR legislation agency as authorized advisor.
For additional data, please contact:
Øyvind Paaske
Chief Monetary Officer
Tel: +47 917 59 705
oyvind.paaske@akastor.com
This data is topic to the disclosure necessities pursuant to Part 5-12 the Norwegian Securities Buying and selling Act.
About AKOFS Offshore:
AKOFS Offshore is a supplier of vessel-based subsea nicely set up and intervention companies to the oil and gasoline trade. The corporate operates three specialised offshore vessels, AKOFS Santos, Aker Wayfarer and AKOFS Seafarer, with the primary two vessels contracted to Petrobras for work in Brazil and the final one contracted to Equinor for work on the Norwegian Continental Shelf. The corporate employed 352 individuals as per the top of 2023. AKOFS Offshore is owned by Akastor AS (50%), Mitsui & Co., Ltd (25%) and Mitsui O.S.Okay. Traces, Ltd. (25%).
For additional data, please go to homepage: https://www.akofsoffshore.com
Akastor is a Norway-based oil-services funding firm with a portfolio of commercial holdings and different investments. The corporate has a versatile mandate for energetic possession and long-term worth creation.
This data was dropped at you by Cision http://information.cision.com.
