November 6, 2024

Norwegian oil investment firm Akastor acquires additional stake in Norway-based subsea well construction company AKOFS Offshore from Japanese conglomerate Mitsui & Co, increasing ownership to 75%

Press Release
Akastor, a Norwegian oil-services investment company, has signed an agreement to acquire all of Japanese conglomerate Mitsui & Co's interests in AKOFS Offshore, a Norway-based provider of vessel-based subsea well construction and intervention services to the oil and gas industry. The transaction, which was a 25% stake valued at USD 22.5m, involves both equity and shareholder loans, with USD 15m payable at closing and the remainder in 2025. This raises Akastor's ownership stake from 50% to 75%, with the remaining 25% continuing to be owned by Mitsui O.S.K. Lines. The CEO of Akastor stated that as market dynamics within the subsea well intervention and installation sector are increasingly compelling, it was the right time to increase their investment in AKOFS, which is well-positioned for continued growth. Akastor and Mitsui O.S.K. Lines have collaborated since 2018 and say they are well-aligned regarding ownership strategy. Arctic Securities was financial advisor to Akastor and BA-HR
Transaction announcement
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