Norwegian investment firm Akastor and Japan's Mitsui have entered into a memorandum of understanding which could see the Japanese firm, together with potential partners, invest in oilfield services firm AKOFS Offshore.
The move could see Mitsui and partners acquire 50% of the shares in the company to form a new 50-50 joint venture.
In September 2016, Akastor agreed to form a joint venture with Mitsui and its subsidiary AKOFS Offshore. This JV, named Avium Offshore, bought the topsides and hull of the Skandi Santos, which were then leased to AKOFS to operate on contract to Petrobras offshore Brazil.
The new deal, with Mitsui investing directly in AKOFS, could result in an initial net cash release to Akastor of about US$142 million for the shares in AKOFS, with a potential further cash release depending on earnings generated by AKOFS's other vessel, the Seafarer light well intervention vessel, in the coming years.
AKOFS is a vessel-based subsea well construction and intervention services provider formed in 2014 from the demerger of Aker Solutions.
"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 Røkke, 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 deal still remains subject to agreement on final terms and conditions, due diligence, etc. Completion is expected to occur in Q1 2018.
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