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Akastor to earn $142m from joint venture agreement with Mitsui

handshake - deal done

Norwegian oil service investment firm Akastor said today that a Japanese business had provisionally agreed to buy into one of its portfolio companies.

Akastor said Mitsui & Co had entered into a memorandum of understanding to buy  50% of the shares in AKOFS Offshore to form a new 50/50 joint venture.

The deal, expected to go through in the first quarter of 2018, will give Akastor an initial $142million, with a potential further cash release depending on earnings generated by AKOFS.

AKOFS provides vessel-based subsea well construction and intervention services for oil and gas clients.

Akastor chief executive Kristian Røkke said: “We are pleased to have reached this important milestone and believe the transaction will provide a beneficial long-term ownership structure for AKOFS. The prospect of expanding our current partnership with Mitsui is exciting and we look forward to further developing the cooperation in the coming years.”

 

 

 

 

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