The agreement includes Mitsui’s equity and shareholder loans in AKOFS Offshore, on an ‘as is’ basis. Credit: T. Schneider/Shutterstock.

Norwegian engineering services company Akastor has reached an agreement with Mitsui to acquire all interests in AKOFS Offshore for $22.5m (Nkr249.45m), subject to certain adjustments.

The transaction will see Akastor paying $15m at closing, with the remaining $7.5m to be paid in two tranches in June and December 2025.

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Upon completion of the deal in the first quarter of 2025, Akastor will hold a 75% share in AKOFS Offshore, while the remaining 25% will continue to be owned by Mitsui O.S.K. Lines (MOL). Akastor and MOL will negotiate a new shareholders agreement reflecting the updated ownership structure.

The agreement, which is based on an ‘as is’ condition, includes Mitsui’s equity and shareholder loans in AKOFS Offshore.

Additionally, Akastor will assume Mitsui’s obligations under the guarantee structure associated with the financing of AKOFS Santos.

Karl Erik Kjelstad CEO Akastor said: “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.

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“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.”

AKOFS Offshore will still be considered a joint venture and will be reported using the equity method in Akastor’s consolidated financial statements.

Arctic Securities is serving as the financial advisor and law firm BA-HR is the legal advisor for this transaction.