Connection

popular articles

Chevron and NNPC Make New Oil Discovery in the Niger Delta
Venture Global LNG Delayed: Edison SpA Confronted with Major Contractual Challenges
ACWA Power to Develop Egypt’s Largest Wind Farm with 2 GW by 2026
Sungrow posts USD 4.4 billion in H1 2024 revenues, up 8.38
RWE orders a 100 MW electrolyser from Sunfire for its Lingen site

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.

Please share:

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.

Register free of charge for uninterrupted access.

Publicite

Latest news

Woodside announces stable production in Q1 2025 despite weather impacts
EDF promises electricity more competitive than that of the United States by 2026
Baker Hughes reports record orders for IET despite a drop in cash flow
Tepco extracts second radioactive debris sample from Fukushima
Sinopec unveils global energy forecast to 2060 at event in Saudi Arabia

Recently published in

Sinopec unveils global energy forecast to 2060 at event in Saudi Arabia

Chinese giant Sinopec publishes its first international global energy outlook, forecasting a peak in primary energy consumption by 2045 and a rise in non-fossil energy sources.
TotalEnergies to shut ethylene unit in Antwerp amid European overcapacity
TotalEnergies’ Antwerp platform plans to end operations of one steam cracker by late 2027, while continuing investments in green hydrogen and sustainable fuels.
en_1140290950540-12
TotalEnergies to shut ethylene unit in Antwerp amid European overcapacity
TotalEnergies’ Antwerp platform plans to end operations of one steam cracker by late 2027, while continuing investments in green hydrogen and sustainable fuels.
en_1140290950540-12
Shanghai Electric signs major energy deals in Saudi Arabia and Oman
Shanghai Electric has secured strategic partnerships with Masdar and Mawarid Group for large-scale solar and wind projects, strengthening its industrial presence in the Middle East.
en_1140290957540-10
Shanghai Electric signs major energy deals in Saudi Arabia and Oman
Shanghai Electric has secured strategic partnerships with Masdar and Mawarid Group for large-scale solar and wind projects, strengthening its industrial presence in the Middle East.
en_1140290957540-10
Halliburton posts 67% drop in net profit for the first quarter
Weaker North American market conditions weighed on Halliburton's quarterly results, despite strong international activity and revenues exceeding analysts’ expectations.
en_1140290954540-12
Halliburton posts 67% drop in net profit for the first quarter
Weaker North American market conditions weighed on Halliburton's quarterly results, despite strong international activity and revenues exceeding analysts’ expectations.
en_1140290954540-12

Artificial intelligence in energy to reach $58.66bn by 2030

The global artificial intelligence market applied to the energy sector is expected to grow at an annual rate of 36.9% between 2024 and 2030, according to a report published by MarketsandMarkets™ on April 22.
Vinci enters a new era as Xavier Huillard steps down from chief executive role
Xavier Huillard departs from Vinci’s executive leadership after two decades of major transformations, handing over to Pierre Anjolras following Thursday’s general assembly.
en_1140290943540-13
Vinci enters a new era as Xavier Huillard steps down from chief executive role
Xavier Huillard departs from Vinci’s executive leadership after two decades of major transformations, handing over to Pierre Anjolras following Thursday’s general assembly.
en_1140290943540-13
Technip Energies wins contract for sustainable aviation fuel project engineering in Australia
Technip Energies has secured a contract with Jet Zero Australia for the engineering of a project aimed at producing sustainable aviation fuel in Townsville, Australia, with an annual capacity of 102 million litres by 2028.
en_1140290956540-9
Technip Energies wins contract for sustainable aviation fuel project engineering in Australia
Technip Energies has secured a contract with Jet Zero Australia for the engineering of a project aimed at producing sustainable aviation fuel in Townsville, Australia, with an annual capacity of 102 million litres by 2028.
en_1140290956540-9
South Africa: Eskom launches process to create a subsidiary dedicated to renewables
South African group Eskom has issued a call for tenders to establish an independent entity focused on renewable energy, as part of its strategic restructuring.
en_1140290959540-8
South Africa: Eskom launches process to create a subsidiary dedicated to renewables
South African group Eskom has issued a call for tenders to establish an independent entity focused on renewable energy, as part of its strategic restructuring.
en_1140290959540-8

France Chimie warns of potential closure of 47 plants due to trade war

France Chimie warns that 47 industrial sites in France and up to 350 across the European Union could shut down without an emergency response to the escalating trade tensions with the United States and China.
Rice and ExxonMobil launch strategic collaboration in sustainable energy research
A master agreement between ExxonMobil and Rice University initiates a series of joint energy research projects focused on technological innovation in water treatment and resource recovery.
en_1140290962540-7
Rice and ExxonMobil launch strategic collaboration in sustainable energy research
A master agreement between ExxonMobil and Rice University initiates a series of joint energy research projects focused on technological innovation in water treatment and resource recovery.
en_1140290962540-7
SBM Offshore secures USD1.1bn from 13 banks to refinance debt
Dutch group SBM Offshore has secured a new USD1.1bn revolving credit facility from an international banking consortium, extending and enlarging a previous financing agreement.
en_1140290950540-6
SBM Offshore secures USD1.1bn from 13 banks to refinance debt
Dutch group SBM Offshore has secured a new USD1.1bn revolving credit facility from an international banking consortium, extending and enlarging a previous financing agreement.
en_1140290950540-6
Equinor creates new division to consolidate flexible and renewable energy assets
Equinor restructures operations to enhance earnings in growing power markets by merging its renewables and flexible generation assets into a single business unit.
en_1140290983540
Equinor creates new division to consolidate flexible and renewable energy assets
Equinor restructures operations to enhance earnings in growing power markets by merging its renewables and flexible generation assets into a single business unit.
en_1140290983540

Data centre electricity demand driven by AI expected to double by 2030

According to the International Energy Agency, artificial intelligence will drive a global rise in data centre electricity consumption, reaching the current level of Japan’s national use by the end of the decade.
Sinopec and Aramco strengthen their alliance for the Yanbu complex expansion
Sinopec and Saudi Aramco have signed a framework agreement to expand the Yanbu complex, aiming to establish an integrated refining and petrochemical platform with high industrial capacity.
en_1140290966540-2
Sinopec and Aramco strengthen their alliance for the Yanbu complex expansion
Sinopec and Saudi Aramco have signed a framework agreement to expand the Yanbu complex, aiming to establish an integrated refining and petrochemical platform with high industrial capacity.
en_1140290966540-2
Fusion Fuel targets UK with £50mn acquisition in fuel distribution
Fusion Fuel has signed a letter of intent to acquire a UK-based fuel distribution company valued at £50mn, as part of its strategy to expand its presence across the energy value chain.
en_1140290946540-6
Fusion Fuel targets UK with £50mn acquisition in fuel distribution
Fusion Fuel has signed a letter of intent to acquire a UK-based fuel distribution company valued at £50mn, as part of its strategy to expand its presence across the energy value chain.
en_1140290946540-6
SBM Offshore sells FPSO Cidade de Paraty in $400 million leaseback deal
SBM Offshore finalises a non-recourse leaseback agreement worth $400 million for FPSO Cidade de Paraty, transferring ownership to a consortium of Chinese lessors for an eight-year period.
en_1140290954540-5
SBM Offshore sells FPSO Cidade de Paraty in $400 million leaseback deal
SBM Offshore finalises a non-recourse leaseback agreement worth $400 million for FPSO Cidade de Paraty, transferring ownership to a consortium of Chinese lessors for an eight-year period.
en_1140290954540-5

Viridien secures 2,400 km² seismic reprocessing contract in Algeria with Sonatrach and PTTEP

Viridien will reprocess two 3D seismic datasets in the Berkine Basin for the Hassi Bir Rekaiz consortium over a 13-month period.
Copper producers bet on growth as investment strategies diverge
Mining companies are turning to copper production to drive growth from 2025, marking a strategic shift in capital allocation, according to Wood Mackenzie.
en_1140290946540-5
Copper producers bet on growth as investment strategies diverge
Mining companies are turning to copper production to drive growth from 2025, marking a strategic shift in capital allocation, according to Wood Mackenzie.
en_1140290946540-5
Autoliv secures energy supply with two European renewable contracts
Swedish manufacturer Autoliv signs two 12-year renewable power purchase agreements with Alight and Eurowind Energy to ensure stable supply and anticipate volatility in European energy markets.
en_1140290944540-4
Autoliv secures energy supply with two European renewable contracts
Swedish manufacturer Autoliv signs two 12-year renewable power purchase agreements with Alight and Eurowind Energy to ensure stable supply and anticipate volatility in European energy markets.
en_1140290944540-4
Avangrid bets on advanced technologies to modernise American energy grids
Avangrid brought together over 150 energy stakeholders in Cambridge during its annual forum to accelerate the development of technological solutions involving artificial intelligence, storage, and infrastructure resilience.
en_1140290949540-4
Avangrid bets on advanced technologies to modernise American energy grids
Avangrid brought together over 150 energy stakeholders in Cambridge during its annual forum to accelerate the development of technological solutions involving artificial intelligence, storage, and infrastructure resilience.
en_1140290949540-4

ExxonMobil appoints Matt Crocker as head of its Product Solutions division

ExxonMobil has announced the upcoming retirement of Karen McKee and the appointment of Matt Crocker as president of the Product Solutions division, marking a key change in the group’s governance effective 1 May 2025.
The French PPA market reaches 2 GW led by photovoltaic dominance
France now counts over 100 long-term electricity purchase agreements, totalling 2 GW, mainly driven by the rise of photovoltaics and the expansion of hybrid and multi-buyer models.
en_1140291022540
The French PPA market reaches 2 GW led by photovoltaic dominance
France now counts over 100 long-term electricity purchase agreements, totalling 2 GW, mainly driven by the rise of photovoltaics and the expansion of hybrid and multi-buyer models.
en_1140291022540
Repsol sells 49% stake in Spanish wind and solar portfolio to Schroders Greencoat
UK-based manager Schroders Greencoat acquires a minority stake in ten Repsol renewable assets in Spain, valued at €580mn, reinforcing its investment strategy in the European energy transition.
en_1140291013540
Repsol sells 49% stake in Spanish wind and solar portfolio to Schroders Greencoat
UK-based manager Schroders Greencoat acquires a minority stake in ten Repsol renewable assets in Spain, valued at €580mn, reinforcing its investment strategy in the European energy transition.
en_1140291013540
Plenitude finalises EIP’s 10% stake acquisition through €800mn capital injection
Swiss fund Energy Infrastructure Partners increases its stake in Plenitude to 10% after a total €800mn investment, confirming a post-transaction equity valuation of €8bn.
en_1140291003540
Plenitude finalises EIP’s 10% stake acquisition through €800mn capital injection
Swiss fund Energy Infrastructure Partners increases its stake in Plenitude to 10% after a total €800mn investment, confirming a post-transaction equity valuation of €8bn.
en_1140291003540

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS