Akastor ASA has said that it is in advanced talks with Japan’s Mitsui & CO. to further expand their current partnership that will see the Japanese firm take a stake in AKOFS Offshore (AKOFS).
An MoU was signed that will see Mitsui, together with potential partners, invest in AKOFS by purchasing 50 per cent of the shares in the company to form a new 50-50 joint venture.
The transaction will see Akastor release US$142 million worth of shares, with a potential further cash release depending on earnings generated by the AKOFS Seafarer vessel in the coming years
The deal is expected to be completed in Q1 2018.
"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," said Kristian Røkke, CEO of Akastor.
Mitsui will assume an active role in the further support and development of AKOFS together with Akastor as a long-term business partner.