Norway’s DDW Offshore, a subsidiary of Akastor, has secured a new refinancing deal that will see the company take control of two ships, reactivate another, and stretch debt maturity into September 2026.
The company has arranged a $31m loan with alternative shipping financer EnTrust Global via its “Blue Ocean Funds”.
The deal is guaranteed by Akastor, and the funds have been or will be used for settlement of the existing loan maturing in February 2024; settlement of the profit split arrangement for the vessels Skandi Atlantic and Skandi Emerald that was agreed with the previous lenders; and reactivation of Skandi Peregrino, which is currently in warm layup.
Following these transactions, DDW Offshore should hold full economic interest in its
fleet.
The Oslo-based company, formerly known as DOF Deepwater, owns three AHTS vessels following the sale of Skandi Saigon and Skandi Pacific to Brazil’s OceanPact. Akastor took over the company in October 2020 after a financial restructuring.
