Norwegian oil company Akastor has confirmed that it now owns 75 per cent of the shares in subsea support and well intervention specialist AKOFS Offshore following the transfer of all interests in the company formerly held by Japanese trading and investment firm Mitsui and Co.
Simultaneously with the above-mentioned transfer of shares, the remaining two shareholders Akastor and Mitsui OSK Lines (MOL) have entered into a new shareholders agreement effective January 14, 2025.
Additionally, Akastor and MOL have entered into a separate transaction agreement for transfer of 8.3 per cent of the shares in AKOFS Offshore from Akastor to MOL, which when completed will give an ownership interest of two-thirds and one-third, respectively. The transaction is entered into on an “as is “basis, on substantially same commercial terms as Akastor’s acquisition from Mitsui and includes transfer of a proportional portion of the shareholder loans and debt interests relating to AKOFS Offshore.
Akastor expects completion of the transaction to take place later in the first quarter of 2025. AKOFS Offshore will remain as a jointly controlled entity to Akastor.