MOL and Akastor form joint venture in offshore

Norwegian investment company Akastor splits ownership of its offshore shipping company AKOFS Offshore by selling half the shares to Japan's Mitsui, including to Mitsui's liner company MOL.
Photo: MOL/Akastor
Photo: MOL/Akastor

The Aker Group's investment unit Akastor forms a new partnership for offshore shipping company AKOFS Offshore.

The company sells half of the shares in the business unit to Japan's Mitsui (Mitsui & Co) and MOL (Mitsui O.S.K. Lines), each of which will acquire 25 percent of the shares, says Akastor in a press release.

AKOFS Offshore operates three ships which perform underwater well construction and other services for the oil and gas sector. The company already had a collaboration in place with the two Japanese companies related to company Avium Subsea, a partnership that was formed in November 2016.

With the new venture, Akastor looks set to enjoy a net cash release of USD 142.5 million. The partnership also includes a guaranteed preferred return for Mitsui and MOL during the first six months of operation for vessel AKOFS Seafarer, though this is limited to around USD 46 million, according to the press release.

If Akastor meets a series of operating criteria, which are not specified in the press release, the investment company could claim earn-out payments during the first seven years of operations. These payments are limited to USD 45 million, says the company.

Investment company Akastor is part of Kjell Inge Røkke's Aker Group, which also owns large stakes in Ocean Yield, oil major Aker BP, Aker Solutions, Kvaerner and Aker Biomarine.

English Edit: Daniel Logan Berg-Munch

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