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Akastor & Mitsui Seek to Expand Partnership

Source: www.gulfoilandgas.com 10/25/2017, Location: Asia

Akastor, an oil service investment company, is in advanced discussions with MITSUI & CO, a leading Japanese trading and investment company, to further expand their current partnership to include AKOFS Offshore.

The parties have entered into a Memorandum of Understanding which includes the following main terms:
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
The Transaction is expected to result in an initial net cash release to Akastor of approximately USD 142 million for the shares in AKOFS, with a potential further cash release depending on earnings generated by the AKOFS Seafarer vessel in the coming years
'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,' says Kristian R?kke, CEO of Akastor.

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 still remains subject to agreement on final terms and conditions, final due diligence, the entry of definitive agreements between Akastor and Mitsui and BoD approvals for all respective parties. Completion of the Transaction is expected to occur in Q1 2018.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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