Mitsui and MOL Eye Subsea Support Market with AKOFS Stake Buy
Akastor has entered into a share purchase agreement with Mitsui and MOL (Mitsui O.S.K. Lines) for transfer of 50% of its shares in AKOFS Offshore in order to form a joint venture ownership.
Each of Mitsui and MOL will purchase 25% of the shares in AKOFS Offshore from Akastor.
The remaining 50% will continue to be owned by Akastor.
Initial net cash release for Akastor at time of transfer of the shares will be USD 142.5 million.
Closing of the Transaction is subject to approval from competition authorities, and certain other customary conditions. Closing is expected to occur during Q3 2018.
AKOFS currently operates three subsea support vessels. Two, including the Skandi Santos, are chartered to Petrobras and another is planned to be chartered by Equinor.