#Norway #Fornebu #Akastor ASA #AKOFS Offshore #Mitsui

Completion of Ownership Transfer: Akastor ASA and AKOFS Offshore

On February 12, 2025, Akastor ASA, listed on the Oslo Stock Exchange (OSE: AKAST), announced the successful completion of its agreement to transfer an 8.3% ownership stake in AKOFS Offshore AS to Mitsui O.S.K. Lines, Ltd. This strategic move not only alters the balance of ownership but also enhances the relationship between two significant players in the oil and gas service sector.

The earlier press release dated January 14, 2025, laid the groundwork for this transfer, which is in line with the agreed conditions. Post-transfer, the ownership structure has evolved, granting Akastor ASA control of two-thirds (2/3) of the shares in AKOFS Offshore while Mitsui now holds one-third (1/3). This development signifies a continued commitment from both companies in their joint venture within the subsea well installation and intervention services market.

About AKOFS Offshore

AKOFS Offshore is a distinguished provider of subsea solutions tailored for the oil and gas industry. The company operates a fleet of specialized offshore vessels, including the AKOFS Santos, Aker Wayfarer, and AKOFS Seafarer. Notably, the AKOFS Santos and Aker Wayfarer are currently contracted by Petrobras for operations in Brazil, while the AKOFS Seafarer is engaged in projects on the Norwegian Continental Shelf for Equinor. As of the end of 2024, AKOFS Offshore employed around 360 professionals, underscoring its role as a key player in the maritime sector.

Following the completion of this ownership transfer, the shareholding in AKOFS Offshore now stands firmly with Akastor AS at 66.7% and Mitsui O.S.K. Lines at 33.3%. This collaborative structure is designed to effectively leverage the strengths and resources available from both parties, ensuring sustained growth and innovation in subsea services.

About Akastor ASA

Akastor ASA, headquartered in Norway, is an investment company focusing on the oil services sector. With a diverse portfolio that includes various industrial holdings, Akastor is committed to active ownership strategies aimed at fostering long-term value creation. The company emphasizes a flexible approach, enabling it to respond to changing market conditions while maximizing the potential of its investments.

The synergy created by the stake acquisition by Mitsui O.S.K. Lines is anticipated to bolster operational efficacy and market positioning for both firms involved. Akastor ASA’s ongoing initiatives and strategic partnerships are testament to its forward-thinking approach in the fluctuating landscape of the oil and gas industry.

For more details on AKOFS Offshore and its services, the company invites interest parties to visit its official website at AKOFS Offshore.

In conclusion, the completion of this ownership transfer marks a significant step in the collaboration between Akastor ASA and Mitsui O.S.K. Lines, setting a strong foundation for future projects and innovations within the subsea services domain.