Akofs Offshore is one of the portfolio companies of the Norwegian oil service investment firm Akastor. A memorandum of understanding (MoU) has been signed by Akastor and Mitsui to form a new 50/50 joint venture for Akofs Offshore following the proposed transaction.
Akastor will also get an additional payment from Mitsui based on revenue generated by Akofs Offshore which provides vessel-based subsea well construction and intervention services to the oil and gas industry.
The proposed transaction is an expansion of the 50/50 joint venture named Avium Subsea created between Akofs Offshore, Mitsui O.S.K. Lines (MOL) and Mitsui & Co in September 2016.
Mitsui, through the new deal will take over an active role in the further support and development of Akofs Offshore alongside Akastor as a long-term business partner.
Akastor CEO Kristian Røkke said: “We are pleased to have reached this important milestone and believe the transaction will provide a beneficial long-term ownership structure for AKOFS.
“The prospect of expanding our current partnership with Mitsui is exciting and we look forward to further developing the cooperation in the coming years.”
The deal is subject to agreement on final terms and conditions, final due diligence and is yet to see definitive agreements signed by Akastor and Mitsui. It would also need approvals of the board of directors of all respective parties for its completion.
Subject to clearance of all such steps, the transaction is anticipated to be closed in Q1 2018.
