Aker’s oil-services investment company Akastor has taken control of five vessels held by DOF Deepwater, a joint venture between Akastor and DOF, as part of a restructuring of the vessel owning entity.
DOF Deepwater, which has been part of Akastor’s portfolio since the demerger from Aker Solutions in 2014, has entered into a term sheet with lenders on a restructuring of debt that secures continued operations up to second half of 2023.
The restructuring of DOF Deepwater involves DOF transferring all of its shares in DOF Deepwater to Akastor, who will take full ownership and operational responsibility over the company and its five anchor handling tug supply vessels. The vessels are Skandi Emerald, Skandi Peregrino, Skandi Saigon, Skandi Pacific and Skandi Atlantic and the entire fleet is valued at a little over $35m by VesselsValue.
Half of the current debt of DOF Deepwater will be converted to equity, while the other hand will remain on existing terms and guaranteed by Akastor.
Karl Erik Kjelstad, CEO of Akastor, commented: “We are pleased to reach this agreement with the DOF Deepwater lenders, as it will give the company a predictable and viable financial structure for the coming three years. DOF Deepwater operates in a market which remains challenging, but with this financial structure and the relative modern and versatile fleet, the company should be well positioned to remain as a market player and thereby secure revenue in a more normalised market in the future.”
Closing of the deal is expected to take place during the third quarter and on completion DOF Deepwater will be renamed DDW Offshore.