Akastor

Akastor ASA: Completion of Mitsui transfer and agreement with MOL on ownership in AKOFS Offshore

Reference is made to press release dated 6 November 2024 concerning the

agreement between Akastor ASA (OSE: AKAST) and Mitsui & Co., Ltd. ("Mitsui") on

the transfer of all of Mitsui's interests in AKOFS Offshore AS ("AKOFS

Offshore"). The transfer has today been completed as per the terms agreed,

whereby Akastor now controls 75% of the shares in AKOFS Offshore.

Simultaneously with the above-mentioned completion, the remaining two

shareholders Akastor and Mitsui O.S.K. Lines, Ltd. ("MOL") have entered into a

new shareholders agreement effective as from today. Additionally, Akastor and

MOL have today entered into a separate transaction agreement for transfer of

8.3% of the shares in AKOFS Offshore from Akastor to MOL, which when completed

will give an ownership interest of 2/3 and 1/3, respectively. The transaction is

entered into on an "as is "basis, on substantially same commercial terms as

Akastor's acquisition from Mitsui and includes transfer of a proportional

portion of the shareholder loans and debt interests relating to AKOFS Offshore.

Completion of the transaction is expected to take place later in Q1 2025. AKOFS

Offshore will remain as a jointly controlled entity to Akastor.

For further information, please contact:

Øyvind Paaske

Chief Financial Officer

Tel: +47 917 59 705

This information is subject to the disclosure requirements pursuant to Section 5

-12 the Norwegian Securities Trading Act.

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About AKOFS Offshore:

AKOFS Offshore is a provider of vessel-based subsea well installation and

intervention services to the oil and gas industry. The company operates three

specialized offshore vessels, AKOFS Santos, Aker Wayfarer and AKOFS Seafarer,

with the first two vessels contracted to Petrobras for work in Brazil and the

last one contracted to Equinor for work on the Norwegian Continental Shelf. The

company employed 360 people as per the end of 2024. AKOFS Offshore is owned by

Akastor AS (75%) and Mitsui O.S.K. Lines, Ltd. (25%).

For further information, please visit homepage: https://www.akofsoffshore.com

Akastor is a Norway-based oil-services investment company with a portfolio of

industrial holdings and other investments. The company has a flexible mandate

for active ownership and long-term value creation.

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