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Akastor strengthens its stake in AKOFS Offshore by acquiring Mitsui’s shares

Akastor ASA acquires Mitsui's shares in AKOFS Offshore for USD 22.5 million, increasing its stake to 75% and consolidating its position in the subsea intervention sector.
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Akastor ASA, the Norwegian publicly traded company (OSE: AKAST), announced today the acquisition of all interests held by Mitsui & Co., Ltd. in AKOFS Offshore AS, a company specializing in subsea intervention and installation services. The transaction amount is USD 22.5 million, which includes an initial payment of USD 15 million at closing, followed by two installments of USD 3.75 million each, scheduled for June and December 2025.

This acquisition increases Akastor’s stake in AKOFS Offshore to 75%, while Mitsui O.S.K. Lines, Ltd. (MOL) retains the remaining 25%. This strategic reinforcement comes at a favorable time for the subsea sector, especially in the well intervention and installation fields, which are experiencing significant growth.

An Operation Subject to Regulatory Approval

The completion of this transaction is subject to customary regulatory approvals and is expected to be finalized in the first quarter of 2025. Once completed, AKOFS Offshore will remain classified as a joint venture in Akastor’s consolidated financial statements, maintained by the equity method.

An Increased Strategic Commitment in the Offshore Sector

Karl Erik Kjelstad, Akastor’s CEO, emphasized the importance of this investment, stating that the timing is ideal for enhancing the company’s involvement in AKOFS Offshore, given current market dynamics. He also expressed his gratitude to Mitsui for their fruitful collaboration since 2018 and shared his excitement about continuing this journey with MOL as a partner.

A New Shareholders’ Agreement in Preparation

Following this change in ownership structure, Akastor and MOL will begin negotiations to establish a new shareholders’ agreement. This agreement is expected to be largely similar to the current terms, with adjustments to reflect the updated ownership distribution. The goal is to ensure both parties have a shared vision regarding AKOFS Offshore’s growth strategy.

Financial and Legal Advisors

Arctic Securities has been appointed as Akastor’s financial advisor for this transaction, while the BA-HR law firm is handling legal aspects. These partnerships aim to ensure a smooth and compliant transaction, especially as the subsea services sector is highly specialized, requiring financial and legal experts to oversee such acquisitions.

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