Akastor, Mitsui joint venture moves a step closer

Norwegian oil company Akastor says it is in advanced discussions with Japanese trading and investment company Mitsui to create a joint venture with AKOFS Offshore (AKOFS).

The parties have signed a memorandum of understanding under which Mitsui and potential partners will buy 50 per cent of AKOFS shares.

The transaction is expected to cost Mitsui US$142 million for the shares, with a potential further cash release depending on earnings generated by AKOFS’ vessel Seafarer in the coming years.

The transaction, which is expected to be completed in the first quarter of 2018, remains subject to agreement on final terms and conditions.