Akastor, Mitsui Complete Joint Venture Transaction

Akastor, an oil service investment company, informed that the agreement with Japanese company Mitsui to create a 50/50 joint venture between the two companies has been approved and concluded.

The companies signed heads of agreement in September under which they agreed that the joint venture will acquire Skandi Santos vessel’s hull from DOF Subsea Rederi and the topside from AKOFS.

The joint venture will subsequently enter into a lease agreement with AKOFS corresponding to the remaining contract duration between AKOFS and Petrobras.

DOF Subsea will continue to provide the ROV and marine services onboard the vessel as part of the subsea equipment support vessel contract with Petrobras.

As a result of the approval AKOFS will realize a cash gain of USD 66 million, and Akastor will realize an accounting gain of approximately USD 20 million.

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