Akastor ASA (OSE: AKA), an oil service investment company, announced today that it is in advanced discussions with MITSUI & CO., LTD. ("Mitsui"), a leading Japanese trading and investment company, to further expand their current partnership to include AKOFS Offshore ("AKOFS").
The parties have entered into a Memorandum of Understanding which includes the following main terms (the "Transaction"):
"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 BoD approvals for all respective parties. Completion of the Transaction is expected to occur in Q1 2018.
ENDS
For further information, please contact:
Leif Borge
Chief Financial Officer
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