Norway-based oil service investment company Akastor and subsidiary Akofs Offshore have signed an agreement with Japanese trading and investment company Mitsui to create a joint venture (JV) to pursue subsea opportunities worldwide.

The JV will acquire the Skandi Santos hull from DOF Subsea Rederi, as well as the Skandi Santos topside from Akofs.

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Akastor CEO Kristian Røkke said: "We are pleased to announce this partnership with Mitsui and are excited about additional joint business opportunities currently being explored.

“This transaction will increase Akastor's financial flexibility, while laying the groundwork for longer term value creation together with Mitsui."

"This transaction will increase Akastor's financial flexibility, while laying the groundwork for longer term value creation."

Subsequently, the JV will sign an agreement with Akofs relating to the remaining contract duration between the company and Petrobras.

As part of the subsea equipment support vessel contract with Petrobras, DOF Subsea will continue providing the remotely operated underwater vehicle (ROV) and marine services onboard the vessel.

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Akofs Offshore CEO Geir Sjøberg said: "We now have a strong and dedicated partner that will strengthen our commitment and relationship towards Petrobras even further.

“Our ambition of operations excellency towards Petrobras remains firm and is shared by our operating partner DOF Subsea."  

Upon closing the deal, Akofs will realise $66m gains of net of investments in the JV.  

The agreement is subject to approval from Petrobras, bank approvals and certain other conditions, which are expected during the fourth quarter of this year.