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Equinor Extends Its Commitment to AKOFS Seafarer

In a strategic move for subsea operations, Equinor Energy AS has informed AKOFS Offshore AS that it is exercising the three-year option period for the vessel, "AKOFS Seafarer". This announcement, made on December 4, 2024, signals a commitment to continued collaboration, enhancing Equinor’s capacity for light well intervention services (LWI) through late 2028. The option period is projected to start in late Q4 2025, immediately following the completion of the vessel's Special Periodic Survey (SPS).

Financial Overview

The option period includes a substantial financial aspect, with an estimated value of approximately USD 300 million. This reinforces the significance of the AKOFS Seafarer within Equinor's operational framework, especially on the Norwegian Continental Shelf. Having secured the contract's extended phase, Equinor aims to maximize the operational efficiency and reliability of its subsea investment, further bolstering its competitive edge in the oil and gas industry.

Ownership Changes

As part of this development, Akastor ASA, which currently holds a 50% stake in AKOFS Offshore, is set to acquire an additional 25% interest in the company. This acquisition, previously announced in a press release on November 6, 2024, highlights Akastor’s strategic vision to strengthen its involvement in the offshore services sector. With this acquisition, the ownership structure of AKOFS Offshore will consist of 75% held by Akastor ASA and 25% by Mitsui Co., Ltd, and Mitsui O.S.K. Lines, Ltd.

About AKOFS Offshore

Founded as a provider of advanced subsea well installation and intervention services, AKOFS Offshore operates three specialized vessels: AKOFS Santos, Aker Wayfarer, and the AKOFS Seafarer. While AKOFS Santos and Aker Wayfarer are currently handling contracts with Petrobras in Brazil, the AKOFS Seafarer remains dedicated to Equinor's projects in Norway. At the closure of 2023, AKOFS Offshore employed 352 skilled professionals, reflecting the company's growth and commitment to expanding its operational base.

By enhancing its operational capacity through the AKOFS Seafarer, Equinor demonstrates its ongoing commitment to sustainable development and operational excellence in subsea energy solutions. The continuous collaboration with AKOFS Offshore not only aims to achieve economic benefits but also targets effective management of offshore resources, ensuring compliance with environmental regulations and operational safety.

Future Expectations

As the oil and gas industry evolves, so will the partnerships that drive it. Equinor’s decision to exercise the option period for the AKOFS Seafarer reflects a broader strategy to navigate upcoming industry challenges while leveraging existing resources and expertise. The extended operations of the AKOFS Seafarer underline the critical role that innovative vessels play in meeting the increasing demand for resource extraction, particularly in environmentally sensitive areas like the Norwegian Continental Shelf.

For further inquiries into the operational capacity or financial implications of this announcement, please contact Øyvind Paaske, Chief Financial Officer at Akastor ASA, via telephone at +47 917 59 705 or by email. Further information is available on the official AKOFS Offshore website.