DOF Subsea Rederi Sells Skandi Santos to Akastor-Mitsui JV

DOF Subsea Rederi AS has agreed with Akastor to sell its vessel ‘Skandi Santos’ to a joint venture between Akastor and Mitsui.

The sale releases approximately NOK 350 million (USD 42.2 million) in liquidity after coverage of all costs and repayment of debt.

Skandi Santos is a subsea equipment support vessel of STX OSCV 03 design. The vessel, with a length of 120.7 meters and a beam of 23 meters, is designed and equipped for deepwater subsea equipment installation, intervention and recovery.

DOF Subsea Rederi AS has been the vessel’s registered owner since its delivery in 2009. Skandi Santos has since then served under a bareboat charter contract with AKOFS, a company in the Akastor Group.

Norskan Offshore of Rio de Janeiro, Brasil, a subsidiary of DOF, has since the vessel was delivered been the marine manager and marine personnel operator under separate contract with Petrobras, under which the vessel has been and will continue to be engaged. The services of Norskan will continue unchanged, DOF explained.

The agreement to sell Skandi Santos to the Akastor JV is subject to Petrobras consent and certain other approvals and conditions, the clearance of which is expected to be forthcoming in Q4 2016, the company added.