Akastor completes 50% sale AKOFS Offshore to form jv with Mitsui and MOL

Norway-based oil-services investment company Akastor has announced it has completed the sale of 50% of AKFOS Offshore to form a joint venture with Mitsui and MOL, per the agreement signed in June this year.

Mitsui OSK Lines and Mitsui & Co will each own 25% of the shares. Akastor is a public limited investment company whose portfolio includes companies mainly active in the oilfield services sector.

The European Commission said on 10 September that it has approved, under the EU Merger Regulation, the proposed acquisition.

AKOFS provides vessel-based installation and construction and well intervention services for subsea oil and gas developments. 

Mitsui is a trading company group engaged in a range of global business activities including in the offshore oil and gas industry. MOL is a multi-modal transport group specialising in a number of categories of global ocean shipping and related markets.

The Commission said the EC concluded that the proposed transaction would raise no competition concerns as the companies’ activities do not overlap in the European Economic Area. The transaction was examined under the simplified merger review procedure.

Posted 27 September 2018

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Michele Labrut

Americas Correspondent, Seatrade Maritime News