LYSAKER, Norway– Oil service investment company Akastor ASA says that it is in advanced discussions with Japanese trading and investment company Mitsui to further expand their current partnership to include AKOFS Offshore (AKOFS).
The parties have entered into a memorandum of understanding whereby Mitsui, together with potential partners, will invest in AKOFS by purchasing 50% of the shares in the company to form a new 50-50 joint venture.
Through the transaction, Mitsui will assume an active role in the further support and development of AKOFS together with Akastor as a long-term business partner.
The transaction remains subject to agreement on final terms and conditions, final due diligence, the entry of definitive agreements between Akastor and Mitsui, and board of directors approvals for all respective parties. It is expected to be completed in 1Q 2018.
Akastor CEO Kristian Røkke said: “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.”