Connection

popular articles

Corruption scandal at Bourbon, two-year suspended sentence
High-Sulfur Petcoke Price Decline Reshapes the Asian Market
Vietnam: Nghi Son refinery seeks to import more Kuwaiti oil
TotalEnergies: Mozambique LNG project remains suspended pending security guarantees
Australia: Santos aims for over 30% increase in oil and gas production by 2027

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

Eolink to deploy floating wind demonstrator for grid connection in 2027
NANO Nuclear begins construction of its first KRONOS MMR reactor with the University of Illinois
Poland: New agreement enables revival of AP1000 nuclear plant project
TotalEnergies strengthens its global portfolio with three renewable acquisitions
Berlin rules out any restart of Nord Stream 2 pipeline despite Russian speculation

Recently published in

TotalEnergies strengthens its global portfolio with three renewable acquisitions

TotalEnergies has completed strategic acquisitions in the wind, solar and hydropower sectors across Europe, Africa and Canada, thereby reinforcing its integrated power business in several key markets.
Trinasolar ISBU secures 30 MW solar deal with Equinix in Japan
Trinasolar ISBU will supply solar electricity to Equinix for 20 years through an agreement centred on the 30 MW Yufutsu Abira project in Hokkaidō Prefecture.
en_1140290952540-2
Trinasolar ISBU secures 30 MW solar deal with Equinix in Japan
Trinasolar ISBU will supply solar electricity to Equinix for 20 years through an agreement centred on the 30 MW Yufutsu Abira project in Hokkaidō Prefecture.
en_1140290952540-2
TerraForm Power settles $34.5mn lawsuit with former executive after nine-year litigation
TerraForm Power reached a $34.5mn court settlement with its former chairman Carlos Domenech, nine years after his dismissal, ending a case tied to SunEdison's financial management.
en_1140290946540
TerraForm Power settles $34.5mn lawsuit with former executive after nine-year litigation
TerraForm Power reached a $34.5mn court settlement with its former chairman Carlos Domenech, nine years after his dismissal, ending a case tied to SunEdison's financial management.
en_1140290946540
Sinopec reports USD 6.74 bn net profit and 75% payout ratio
Chinese group Sinopec reported annual revenue of CNY 3,070 bn and net profit of CNY 48.94 bn, achieving record performance across its oil, gas and chemical segments.
en_1140290945540
Sinopec reports USD 6.74 bn net profit and 75% payout ratio
Chinese group Sinopec reported annual revenue of CNY 3,070 bn and net profit of CNY 48.94 bn, achieving record performance across its oil, gas and chemical segments.
en_1140290945540

United States revokes Maurel & Prom’s oil licence in Venezuela

Maurel & Prom confirmed that US authorities cancelled its operating licence in Venezuela, while allowing it to finalise operations until 27 May.
Eesti Energia launches €200mn takeover bid to regain control of Enefit Green
Estonian state-owned energy group Eesti Energia plans to acquire all shares in its subsidiary Enefit Green in a voluntary takeover bid worth over €200mn, set to begin on April 8.
en_1140290956540-21
Eesti Energia launches €200mn takeover bid to regain control of Enefit Green
Estonian state-owned energy group Eesti Energia plans to acquire all shares in its subsidiary Enefit Green in a voluntary takeover bid worth over €200mn, set to begin on April 8.
en_1140290956540-21
The European Union integrates Orano’s battery recycling project into its industrial strategy
Orano's French hydrometallurgy project has been designated as strategic by the European Commission under the Critical Raw Materials Act, aimed at securing the supply of critical raw materials.
en_1140290951540-21
The European Union integrates Orano’s battery recycling project into its industrial strategy
Orano's French hydrometallurgy project has been designated as strategic by the European Commission under the Critical Raw Materials Act, aimed at securing the supply of critical raw materials.
en_1140290951540-21
TotalEnergies cuts emissions by 2.9% in 2024 and stays on course
TotalEnergies reported a 2.9% drop in emissions for 2024, reaffirming its climate strategy ahead of a key general meeting.
en_1140290958540-20
TotalEnergies cuts emissions by 2.9% in 2024 and stays on course
TotalEnergies reported a 2.9% drop in emissions for 2024, reaffirming its climate strategy ahead of a key general meeting.
en_1140290958540-20

Shell selects McDermott for three-year global framework agreement in engineering

Shell Global Solutions International B.V. has awarded McDermott a three-year framework agreement for engineering, procurement and project management services across several strategic markets.
Earth AI identifies six strategic tungsten and cobalt deposits in Australia using AI
Australian company Earth AI confirms six new mineral prospects, including cobalt and tungsten, discovered through its predictive exploration software based on artificial intelligence.
en_1140290962540-8
Earth AI identifies six strategic tungsten and cobalt deposits in Australia using AI
Australian company Earth AI confirms six new mineral prospects, including cobalt and tungsten, discovered through its predictive exploration software based on artificial intelligence.
en_1140290962540-8
Nexans strengthens copper recycling in northern France amid supply tensions
Nexans is expanding its industrial capacity near Noyelles-Godault to recycle more copper, as global demand outpaces primary mining production.
en_1140290950540-18
Nexans strengthens copper recycling in northern France amid supply tensions
Nexans is expanding its industrial capacity near Noyelles-Godault to recycle more copper, as global demand outpaces primary mining production.
en_1140290950540-18
Naturgy launches voluntary tender offer for 10% of its capital at €26.5 per share
Naturgy secures shareholder approval to buy back 10% of its shares to increase free float and boost market visibility.
en_1140290943540-21
Naturgy launches voluntary tender offer for 10% of its capital at €26.5 per share
Naturgy secures shareholder approval to buy back 10% of its shares to increase free float and boost market visibility.
en_1140290943540-21

Ardian takes control of Akuo to accelerate its strategy in renewable energy

Investment firm Ardian has completed the acquisition of renewable energy producer Akuo, active in photovoltaics, wind and storage, with stated ambitions for international expansion and increased capacity.
Shell expands cost-cutting plan to reach up to USD 7 bn by 2028
Shell aims to increase its cost reductions to USD 7 billion by 2028, leveraging artificial intelligence and targeted restructurings in its chemical divisions.
en_1140290958540-18
Shell expands cost-cutting plan to reach up to USD 7 bn by 2028
Shell aims to increase its cost reductions to USD 7 billion by 2028, leveraging artificial intelligence and targeted restructurings in its chemical divisions.
en_1140290958540-18
Global energy demand surged by 2.2% in 2024, driven by electricity
Global energy consumption growth doubled in 2024 compared to its ten-year average, fuelled by rising electricity use in advanced and emerging economies, according to a report by the International Energy Agency.
en_1140290943540-19
Global energy demand surged by 2.2% in 2024, driven by electricity
Global energy consumption growth doubled in 2024 compared to its ten-year average, fuelled by rising electricity use in advanced and emerging economies, according to a report by the International Energy Agency.
en_1140290943540-19
Crowley and Naturgy launch LNG supply between the United States and Puerto Rico
Crowley, in partnership with Naturgy, has launched LNG transport to Puerto Rico, bypassing restrictions imposed by the Jones Act to meet the island's energy demand.
en_1140290954540-14
Crowley and Naturgy launch LNG supply between the United States and Puerto Rico
Crowley, in partnership with Naturgy, has launched LNG transport to Puerto Rico, bypassing restrictions imposed by the Jones Act to meet the island's energy demand.
en_1140290954540-14

Abastible signs a long-term renewable energy purchase agreement with Zelestra in Chile

Abastible, a Chilean company specializing in liquefied gas and electricity, has signed a power purchase agreement with Zelestra. This hybrid project combines 220 MWdc of solar energy and 1 GWh of battery storage to support night-time energy supply.
Brookfield finalises the acquisition of Neoen and becomes the majority shareholder
Brookfield has completed the acquisition of 97.73% of Neoen, a French renewable energy producer, and has initiated the process to withdraw the company from the Paris Stock Exchange.
en_1140290943540-16
Brookfield finalises the acquisition of Neoen and becomes the majority shareholder
Brookfield has completed the acquisition of 97.73% of Neoen, a French renewable energy producer, and has initiated the process to withdraw the company from the Paris Stock Exchange.
en_1140290943540-16
Octopus Energy invests in four new renewable energy projects in France
Octopus Energy Generation announces four new investments in renewable energy in France, bringing the total capacity of its assets in the country to over 500 MW, with a target of one billion euros invested by 2025.
en_1140290951540-13
Octopus Energy invests in four new renewable energy projects in France
Octopus Energy Generation announces four new investments in renewable energy in France, bringing the total capacity of its assets in the country to over 500 MW, with a target of one billion euros invested by 2025.
en_1140290951540-13
Nexans sells its industrial division Lynxeo to Latour Capital for 525 million euros
Nexans has announced that it has entered into exclusive negotiations with the investment fund Latour Capital for the sale of Lynxeo, its industrial cable division, for an amount of 525 million euros. This transaction is part of the group’s strategy to focus on electrification.
en_1140290949540-12
Nexans sells its industrial division Lynxeo to Latour Capital for 525 million euros
Nexans has announced that it has entered into exclusive negotiations with the investment fund Latour Capital for the sale of Lynxeo, its industrial cable division, for an amount of 525 million euros. This transaction is part of the group’s strategy to focus on electrification.
en_1140290949540-12

France: uncertainties and challenges in industrial transformation at Fos-sur-Mer

In Fos-sur-Mer, the transformation of the industrial-port zone into a low-carbon industrial hub raises both ambitions and questions. Despite announced investments, challenges related to infrastructure, energy, and timelines remain significant.
Ecopetrol launches a market maker program to improve the liquidity of its shares
Ecopetrol S.A. has initiated a market maker program in collaboration with Andes Investment Group Inc. and Valores Bancolombia S.A. Comisionista de Bolsa, aiming to improve trading conditions and the liquidity of its shares on the Colombian Stock Exchange.
en_1140290962540-5
Ecopetrol launches a market maker program to improve the liquidity of its shares
Ecopetrol S.A. has initiated a market maker program in collaboration with Andes Investment Group Inc. and Valores Bancolombia S.A. Comisionista de Bolsa, aiming to improve trading conditions and the liquidity of its shares on the Colombian Stock Exchange.
en_1140290962540-5
TotalEnergies vs NGOs: Frequent Accusations, Rarely Convicted
TotalEnergies faces multiple lawsuits initiated by international NGOs over environmental and social issues related to its global projects. While several cases remain ongoing, the majority have been dismissed or dropped by the courts, questioning their legitimacy.
en_1140290953540-11
TotalEnergies vs NGOs: Frequent Accusations, Rarely Convicted
TotalEnergies faces multiple lawsuits initiated by international NGOs over environmental and social issues related to its global projects. While several cases remain ongoing, the majority have been dismissed or dropped by the courts, questioning their legitimacy.
en_1140290953540-11
Enel doubles its net profit to €7 billion in 2024 despite falling energy prices
Enel doubled its net profit to €7 billion in 2024, despite the decline in electricity and gas prices. The company also reduced its net debt through asset disposals and implemented a strategy focused on profitability.
en_1140290943540-11
Enel doubles its net profit to €7 billion in 2024 despite falling energy prices
Enel doubled its net profit to €7 billion in 2024, despite the decline in electricity and gas prices. The company also reduced its net debt through asset disposals and implemented a strategy focused on profitability.
en_1140290943540-11

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS