Akastor ASA: Strengthening Subsea Presence with AKOFS Offshore Acquisition

Akastor ASA, a Norway-based oil-services investment company, has recently completed the transfer of ownership interests in AKOFS Offshore AS (AKOFS Offshore), a provider of vessel-based subsea well installation and intervention services. The acquisition, valued at USD 22.5 million, sees Akastor increasing its stake in the company to 75%, while Mitsui O.S.K. Lines, Ltd. (MOL) retains 25% ownership. This strategic move allows Akastor to deepen its commitment to the subsea well intervention and installation sector, positioning itself for continued growth and success.



The completion of the transaction is subject to customary regulatory approvals and is expected to take place in early Q1 2025. Following the acquisition, Akastor will hold a majority stake in AKOFS Offshore, enabling it to have a more significant influence on the company's strategic decisions and operations. This increased control allows Akastor to better align AKOFS Offshore's activities with its own long-term vision and growth strategy.

As part of the transaction, Akastor and MOL have entered into a new shareholders agreement, reflecting the changed ownership structure. The agreement ensures that both parties are aligned with the new ownership distribution and the strategic direction of AKOFS Offshore. Additionally, Akastor and MOL have agreed to a separate transaction for the transfer of 8.3% of the shares in AKOFS Offshore from Akastor to MOL, which will result in an ownership interest of 2/3 and 1/3, respectively. This transaction is expected to be completed later in Q1 2025.



The acquisition of AKOFS Offshore by Akastor ASA is a strategic move that enables the company to capitalize on the growing demand for subsea well intervention and installation services. By increasing its stake in AKOFS Offshore, Akastor gains access to established markets and lucrative contracts through the company's specialized offshore vessels. This enhanced position allows Akastor to better serve its clients and further strengthen its presence in the subsea sector.

In conclusion, the completion of the ownership transfer in AKOFS Offshore is a significant milestone for Akastor ASA, as it enables the company to deepen its commitment to the subsea well intervention and installation sector. With a majority stake in AKOFS Offshore, Akastor is well-positioned to capitalize on the growing demand for these services and continue its growth trajectory. The new shareholders agreement and the separate transaction agreement with MOL reflect the changed ownership structure and ensure that both parties are aligned with the strategic direction of AKOFS Offshore.