Norwegian oil service firm Akastor has agreed to form a joint venture with Mitsui and its subsidiary AKOFS Offshore.
The joint venture has already agreed to acquire the Skandi Santos hull from DOF Subsea Rederi and the Skandi Santos topside from AKOFS.
It will then agree a lease with AKOFS covering the remaining contract period for the vessel with Petrobras.
Meanwhile, DOF Subsea will continue to provide the ROV and marine services onboard the Skandi Santos, as part of a subsea equipment support vessel contract with Petrobras.
Kristian Røkke, CEO of Akastor says: "We are pleased to announce this partnership with Mitsui and are excited about additional joint business opportunities currently being explored."
On completion of the deal, AKOFS will realize a cash gain of US$66 million, net of investments in the joint venture.
The contract with Petrobras for the operations in Brazil will remain in a 100% owned subsidiary of AKOFS.
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