Akastor ASA (OSE: AKA) has today entered into a Share Purchase Agreement with MITSUI & CO., LTD, ("Mitsui") and Mitsui O.S.K. Lines, Ltd. ("MOL") for transfer of 50% of its shares in AKOFS Offshore in order to form a joint venture ownership.
The Share Purchase Agreement is entered into jointly with a Shareholders Agreement and includes the following main terms (the "Transaction"):
- Ownership: Each of Mitsui and MOL will purchase 25% of the shares in AKOFS Offshore from Akastor. The remaining 50% will continue to be owned by Akastor.
- Compensation: Initial net cash release for Akastor at time of transfer of the shares will be USD 142.5 million.
- Preferential rights linked to the operation of AKOFS Seafarer:
- Guaranteed preferred return to Mitsui and MOL during the first six years of operations, limited to about USD 46 million.
- Subject to certain operational criteria, Akastor may claim earn-out payments during the first seven years of operations, limited to USD 45 million.
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Closing of the Transaction is subject to approval from competition authorities, and certain other customary conditions. Closing is expected to occur during Q3 2018. BA-HR lawfirm is acting as legal advisor for Akastor.
Further details on the Transaction and the operations of AKOFS Offshore are included in the attachment.
For further information, please contact:
Leif Borge
Chief Financial Officer
Mobile: +47 917 86 291
E-mail: leif.borge@akastor.com
Akastor is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments. The company has a flexible mandate for active ownership and long-term value creation.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
