Akastor

M&A Activity • Nov 6, 2024

Akastor ASA: Akastor purchases ownership interests in AKOFS Offshore from Mitsui

Akastor ASA: Akastor purchases ownership interests in AKOFS Offshore from Mitsui

Akastor ASA (OSE: AKAST) and Mitsui & Co., Ltd, ("Mitsui") have today signed an

agreement for the transfer of all of Mitsui's interests in AKOFS Offshore AS

("AKOFS Offshore") to Akastor. Agreed purchase price, after certain adjustments,

is USD 22.5 million, of which USD 15 million is payable at closing and remaining

USD 7.5 million is payable in two equal tranches in June and December 2025. The

agreement is entered into on an "as is" basis and includes all of Mitsui's

interests in AKOFS Offshore, which includes both equity and shareholder loans.

As part of the transaction, Akastor also assumes Mitsui's exposure under the

guarantee structure related to the financing of "AKOFS Santos".

Following completion of the transaction, Akastor will hold 75% of the shares in

AKOFS Offshore while the remaining 25% will remain owned by Mitsui O.S.K. Lines,

Ltd. ("MOL"). As part of the transaction, Akastor and MOL as remaining

shareholders will negotiate and enter into a new shareholders agreement, on

substantially similar terms but suitably adjusted to reflect the changed

ownership.

Karl Erik Kjelstad, CEO of Akastor, comments; "We sincerely thank Mitsui for

their valuable and good collaboration since 2018. We believe the timing for

increasing our investment in AKOFS Offshore is right, as market dynamics within

the subsea well intervention and installation sector are increasingly

compelling. We are excited to deepen our commitment as well as to continue the

journey together with MOL as partner. Together, we remain confident that AKOFS

Offshore is well-positioned for continued growth in the years to come and are

well aligned regarding our ownership strategy."

Completion of the transaction is subject to customary regulatory approvals and

is expected to take place in early Q1 2025. AKOFS Offshore will remain

classified as a joint venture and accounted for using the equity method in the

consolidated financial statements.

Arctic Securities is acting as financial advisor in connection with the

transaction and BA-HR law firm as legal advisor.

For further information, please contact:

Øyvind Paaske

Chief Financial Officer

Tel: +47 917 59 705

oyvind.paaske@akastor.com

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

-12 the Norwegian Securities Trading Act.

****

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 352 people as per the end of 2023. AKOFS Offshore is owned by

Akastor AS (50%), Mitsui & Co., Ltd (25%) 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.