Akofs Offshore News

Norway-based subsea well intervention and installation services company AKOFS Offshore has signed a firm contract with Petrobras for its Aker Wayfarer vessel.AKOFS Offshore, majority owned by Akastor, said the 2010-built vessel will continue to perform services as a Subsea Equipment Support Vessel (SESV) for Petrobras in Brazil.The contract, valued at $330 million, has a duration of four years, with operations expected to begin in September 2027, following the expiry of the current…

Norway-based subsea well intervention and installation services company AKOFS Offshore has signed a firm contract with Petrobras, for its subsea equipment support vessel AKOFS Santos, which will continue to operate offshore Brazil.Following a competitive tender process, the vessel will continue to perform services as a multi-purpose supply vessel (MPSV) for Petrobras in Brazil under a new contract.The contract has a duration of four years, with operations expected to start in January 2027…

Equinor has exercised a three-year option for AKOFS Offshore’s well intervention vessel AKOFS Seafarer.The option period is estimated to start in late fourth quarter of 2025, after the vessel has completed its customary Special Periodic Survey (SPS) and in direct continuation of the current contract period.The option period has a total value of about $300 million and means that the vessel will perform light well intervention services (LWI) for Equinor up to late fourth quarter of 2028.Classified as well intervention unit in compliance with the IMO-MODU code…

Norwegian company Akastor has signed an agreement for the transfer of all of Mitsui’s interests in AKOFS Offshore, a provider of vessel-based subsea well construction and intervention services, for $22.5 million.The agreement is entered into on an ‘as is’ basis and includes all of Mitsui’s interests in AKOFS Offshore, which cover both equity and shareholder loans.As part of the transaction, Akastor also assumes Mitsui’s exposure under the guarantee structure related to the financing of AKOFS Santos.Following completion of the transaction…

Oslo-based subsea well intervention and installation services company AKOFS Offshore has signed a three-year contract with Brazil's Petrobras for its vessel Skandi Santos.Under the contract, the Skandi Santos will perform a broad scope of subsea services in Brazil. The services will start in Q4 2022 and the total contract value is about $107 million. AKOFS Offshore, owned by Akastor AS (50%), Mitsui & Co., Ltd (25%), and Mitsui O.S.K. Lines, Ltd. (25%)., will be performing the Skandi Santos operations with its partners Bravante for marine services and IKM Subsea for ROV services.The Skandi Santos is designed to install and retrieve subsea trees and modules, including subsea structures and manifolds at water depths of up to 2,500 meters.

Mitsui O.S.K. Lines (MOL)  announced that MOL and Mitsui & Co have entered into a share purchase agreement to acquire shares in AKOFS Offshore AS, which is owned by Akastor ASA, Norway. After in-kind contribution of the company of owner and leasing the subsea support vessel, Skandi Santos, which MOL, Mitsui & Co., and AKOFS are jointly operating since November 2016, MOL's acquisition amount will be about JPY 8 billion. MOL's acquisition of shares in AKOFS means MOL will become more deeply involved in the operation and ship management of subsea support vessels, marking its full-scale move into this field. AKOFS currently operates three subsea support vessels.

Akastor ASA (AKA), an oil service investment company, announced that it is in advanced discussions with Japan-based Mitsui & Co to further expand their current partnership to include AKOFS Offshore (AKOFS). The parties have entered into a Memorandum of Understanding (MoU). As per the MoU, 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.

Akastor ASA (OSE: AKA) announced today that the Agreement with MITSUI & CO., LTD ("Mitsui"), and Mitsui O.S.K. Lines, Ltd. ("MOL"), to create a joint venture with 50/50 ownership between AKOFS Offshore AS ("AKOFS") and Mitsui/MOL has now been approved and concluded according to the terms and conditions described in the press release of September 20, 2016.   As a consequence, AKOFS will realize a cash gain of USD 66 million, and Akastor will realize an accounting gain of approximately USD 20 million. The accounting gain will be booked in Q4 2016.

Cortland announce the recent award of a patented BOB 12x12 Fiber Rope by Rolls Royce for use on its next Fiber Rope Deployment System (FRDS), which is based on their patented Cable Traction Control Unit (CTCU) technology. The FRDS system, which will have a single fall capacity of 150t, is being built for AKOFS Offshore (AKOFS) and will be deployed on the Aker Wayfarer working on a five year contract for Petrobras. This is the fourth FRDS that will be utilizing Cortland’s BOB 12x12 Fiber Rope since 2006.

Kleven’s Myklebust Verft in Gursken, Norway, has signed a modification contract with Ocean Yield ASA, a ship owning company with investments within oil-service and industrial shipping, to convert the Aker Wayfarer into a deepwater subsea equipment support vessel (SESV). The vessel is presently under long term charter with AKOFS Offshore. The modifications made at Myklebust Verft will enable the deepwater subsea equipment support vessel to install and retrieve deepwater subsea equipment; subsea trees and modules, including subsea structures and manifolds.

AKOFS Offshore, a part of Akastor ASA, has been notified of a five-year contract extension from Petrobras to use the Skandi Santos, a Subsea Equipment Support Vessel in Brazil. The extension, worth about NOK 2.5 billion, will start March 1, 2015 in direct continuation of current contract. The vessel is currently operating under a five-year contract with Petrobras that began March 1, 2010. The Skandi Santos is designed to install and retrieve subsea trees and modules, including subsea structures and manifolds at water depths of up to 2,300 meters. The vessel will during the contract extension period continue with its current scope of work and also start installing Petrobras' new generation of subsea trees offshore Brazil.