#DDW Offshore #Akastor ASA #Skandi Peregrino

Akastor ASA Concludes Sale of Skandi Peregrino

Akastor ASA, the well-known Norway-based oil services investment company, has recently made headlines with its subsidiary, DDW Offshore AS, announcing a significant business agreement. The subsidiary has entered into a binding contract to sell the anchor handling vessel, Skandi Peregrino, for an impressive sum of $25 million. This transaction, finalized on March 4, 2025, represents a key strategic move for Akastor ASA as it navigates through the complex waters of the offshore oil and gas industry.

Conditions of the Sale

The sale agreement is constructed under Saleform 2012 terms and includes amendments tailored to the specific needs of both parties. Crucially, the completion of this deal is dependent on obtaining consent from the charterer involved. Akastor ASA expects to wrap up the sale in the second quarter of 2025. Notably, a part of the proceeds, amounting to around $10 million, will be directed towards repaying a portion of DDW Offshore's outstanding debt, which will remain at approximately $19 million following the transaction.

Shareholder Dividends

Following the successful transaction, it is projected that Akastor ASA will distribute a portion of the net revenue, estimated at around $15 million, as cash dividends to its shareholders. This is significant news for investors as it reflects the company's commitment to returning value to its stakeholders while simultaneously managing its financial obligations. The decision to offer dividends stems from the creative restructuring of capital brought about by the sale, which positions the company favorably for future developments in offshore services.

Overview of DDW Offshore

DDW Offshore operates a fleet of three modern Anchor Handling Tug Supply (AHTS) vessels, which include not just Skandi Peregrino but also Skandi Atlantic and Skandi Emerald. These vessels are meticulously designed to perform a range of services such as anchor handling, towing, and supplying requirements at offshore oil and gas fields. The company’s operational capacity enables it to support clients globally, enhancing its market presence.

The announcement was made by Øyvind Paaske, Chief Financial Officer of Akastor ASA, detailing the implications of this sale and providing further insights into the company's financial strategies moving forward.