Norway’s Akastor says it is in advanced discussions with Japenese trading and investment company Mitsui & Co to expand collaboration between the two companies, which will see Mitsui buy a 50% stake in AKOFS Offshore.
The deal, which will see a new 50-50 joint venture formed, will see Akastor bank around $142m with potential for more depending on earnings generated by the company’s AKOFS Seafarer vessel in the coming years.
Kristian Røkke, CEO of Akastor, commented: “We are pleased to have reached this important milestone and believe the transaction will provide a beneficial long-term ownership structure for AKOFS. The prospect of expanding our current partnership with Mitsui is exciting and we look forward to further developing the cooperation in the coming years.”
The two companies expect to complete the transaction in the first quarter of 2018.