The parties have entered into a Memorandum of Understanding (MoU) which includes the following main terms: 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 $142m for the shares in AKOFS, with a potential further cash release depending on earnings generated by the AKOFS Seafarer vessel in the coming years
"We are pleased to have reached this important milestone and believe the transaction will provide a beneficial long-term ownership structure for AKOFS. 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 transaction still remains subject to agreement on final terms and conditions, final due diligence, the entry of definitive agreements between Akastor and Mitsui and board of director approvals for all respective parties.
Completion of the transaction is expected in Q1 2018.
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