Akastor ASA Secures 75% Stake in AKOFS Offshore for $22.5M

  • Akastor ASA acquires Mitsui’s 25% stake in AKOFS Offshore for $22.5 million, raising its ownership to 75%.
  • Akastor will make an initial payment of $15 million, with two $3.75 million instalments due in June and December 2025.
  • The deal strengthens Akastor’s position in the growing subsea intervention market. The acquisition is expected to close in Q1 2025.

Akastor ASA has acquired Mitsui & Co., Ltd.’s shares in AKOFS Offshore AS. This $22.5 million deal boosts Akastor’s ownership to 75%, while Mitsui O.S.K. Lines, Ltd. (MOL) retains 25%.

Akastor will pay $15 million upfront, followed by two instalments of $3.75 million in June and December 2025. Pending regulatory approval, the transaction will close in the first quarter of 2025.

AKOFS Offshore focuses on subsea intervention and installation services. By increasing its stake, Akastor strengthens its position in the growing subsea market, which has seen rising demand, particularly in subsea intervention. Once finalized, Akastor will continue to report AKOFS Offshore as a joint venture using the equity method.

Akastor’s CEO, Karl Erik Kjelstad, emphasised the deal’s strategic timing. “The subsea market remains strong, and this is the perfect moment to expand our involvement in AKOFS Offshore,” he said. Kjelstad also appreciated Mitsui’s partnership since 2018 and expressed enthusiasm for continuing work with MOL.

Following the acquisition, Akastor and MOL will renegotiate the shareholders’ agreement. They aim to preserve most of the existing structure while adjusting for the updated ownership. Their goal is to align both parties on AKOFS Offshore’s growth strategy.

Arctic Securities handles Akastor’s financial advisory needs, while BA-HR law firm manages the legal aspects. Their expertise ensures compliance with the subsea industry’s intricate economic and legal requirements.

This acquisition allows Akastor to gain more control over AKOFS Offshore’s operations. With a 75% stake, Akastor can better guide the company to capitalise on the growing demand for subsea services, which is crucial to offshore energy projects. As deepwater projects increase, Akastor expects to benefit from the heightened demand.

The deal marks the end of Mitsui’s five-year partnership with AKOFS Offshore. Mitsui joined AKOFS in 2018, helping it enhance its subsea intervention capabilities. MOL remains committed to being a partner in the subsea sector.

Akastor’s move comes at a time of strong market conditions. The subsea services industry continues to experience significant growth, driven by the rising need for offshore energy projects. With its expertise, AKOFS Offshore stands to benefit from this trend, and Akastor’s expanded stake enables it to steer the company through this phase.

Akastor will focus on smoothly integrating its new ownership stake as the transaction proceeds. The company also plans to work closely with MOL to ensure a unified approach to AKOFS Offshore’s future. Akastor positions itself to seize growth opportunities in the subsea services market by boosting its stake.

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