Mitsui O.S.K. Lines, Ltd. (MOL), headed by President & CEO Takeshi Hashimoto, has decided to increase its investment in AKOFS Offshore AS, a Norwegian company specialising in subsea support vessel operations, led by President & CEO Geir Sjøberg. On January 14, 2025, AKOFS Offshore’s majority shareholder, Akastor ASA, announced that it had acquired a 25% stake in AKOFS previously held by Mitsui & Co., Ltd. Akastor will transfer 8.3% of this stake to MOL, raising MOL’s shareholding in AKOFS from 25% to 33.3%. The financial details of the transaction have not been disclosed.
(Photo courtesy: AKOFS Offshore, DNV, Akastor)
The term “subsea” refers to activities performed below the sea surface, involving various subsea equipment and facilities. Subsea support vessels provide essential services, such as transporting personnel, equipment, and tools required for underwater operations.
Prior to this transaction, AKOFS Offshore was owned 50% by Akastor, with MOL and Mitsui & Co. each holding 25%. Following the share transfer, Akastor will hold two-thirds of the company, while MOL will own the remaining one-third.
AKOFS Offshore currently operates three subsea support vessels, which are deployed for the construction, maintenance, and modification of offshore oil and gas fields in Brazil and Norway.
MOL entered the subsea support vessel market in 2016 through a joint venture with Mitsui & Co. and AKOFS Offshore. In 2018, MOL increased its involvement by acquiring a 25% stake in AKOFS via a share swap involving the joint venture. This marked MOL’s full-scale entry into the technically demanding subsea support sector, where it has since gained extensive experience in vessel operations and management.
■Reference Material
This announcement aligns with Akastor ASA’s press release issued on January 14, 2025. According to the statement, Akastor acquired the 25% stake in AKOFS Offshore previously held by Mitsui & Co., Ltd., and subsequently transferred an 8.3% portion to MOL. The release highlighted Akastor’s continued commitment to strengthening AKOFS Offshore’s operations in key subsea markets.
For further details, please refer to the official Akastor ASA release.
■Akastor ASA: Completion of Mitsui transfer and agreement with MOL on ownership in AKOFS Offshore
Reference is made to press release dated 6 November 2024 concerning the agreement between Akastor ASA (OSE: AKAST) and Mitsui & Co., Ltd. (“Mitsui”) on the transfer of all of Mitsui’s interests in AKOFS Offshore AS (“AKOFS Offshore”). The transfer has today been completed as per the terms agreed, whereby Akastor now controls 75% of the shares in AKOFS Offshore.
Simultaneously with the above-mentioned completion, the remaining two shareholders Akastor and Mitsui O.S.K. Lines, Ltd. (“MOL”) have entered into a new shareholders agreement effective as from today. Additionally, Akastor and MOL have today entered into a separate transaction agreement for transfer of 8.3% of the shares in AKOFS Offshore from Akastor to MOL, which when completed will give an ownership interest of 2/3 and 1/3, respectively. The transaction is entered into on an “as is “basis, on substantially same commercial terms as Akastor’s acquisition from Mitsui and includes transfer of a proportional portion of the shareholder loans and debt interests relating to AKOFS Offshore. Completion of the transaction is expected to take place later in Q1 2025. AKOFS Offshore will remain as a jointly controlled entity to Akastor.
For further information, please contact:
Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
oyvind.paaske@akastor.com
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
About AKOFS Offshore:
AKOFS Offshore is a provider of vessel-based subsea well installation and intervention services to the oil and gas industry. The company operates three specialized offshore vessels, AKOFS Santos, Aker Wayfarer and AKOFS Seafarer, with the first two vessels contracted to Petrobras for work in Brazil and the last one contracted to Equinor for work on the Norwegian Continental Shelf. The company employed 360 people as per the end of 2024. AKOFS Offshore is owned by Akastor AS (75%) and Mitsui O.S.K. Lines, Ltd. (25%).
For further information, please visit homepage: https://www.akofsoffshore.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.
〆商船三井、サブシー支援船事業のノルウェーのＡＫＯＦＳに追加出資。保有株式３３％へ。
商船三井（President ＆CEO Takeshi Hashimoto）は、サブシー支援船事業を手掛けるノルウェー船社AKOFS Offshore AS（本社、ノルウェー、President & CEO、Geir Sjøberg、AKOFS）に追加出資することを決めた。ＡＫＯＦＳオフショアの大株主であるＡｋａｓｔｏｒは２０２５年１月14日、Ａｋａｓｔｏｒが三井物産の保有するＡＫＯＦＳオフショアの株式25％を買い取り、このうち８・３％を商船三井に譲渡すると発表した。商船三井のＡＫＯＦＳオフショアへの出資比率は25％から33・３％に高まる。追加取得した株式８・３％の取得額は明らかにされていない。
サブシー （subsea）は、「海面（sea）の下」という意味であり、海底・海中の様々な設備・機器類に関する作業が行われ る。サブシー支援船は、海底で行われる作業を行う人員や設備、装備を輸送するなどの支援船を指す。
Photo courtesy=AKOFS Offshore, DNV, Ａｋａｓｔｏｒ
今回の株式売買より以前のＡＫＯＦＳオフショアへの出資比率は、Ａｋａｓｔｏｒ50％、商船三井と三井物産が各25％だった。株式売買後は、ＡＫＯＦＳオフショアの株式の３分の２をＡｋａｓｔｏｒが保有、３分の１を商船三井が保有することになる。
ＡＫＯＦＳオフショアはサブシー支援船３隻を運航し、ブラジルやノルウェーの沖合いの海底油田・ガス田の構築、保守、改修などの作業に投入している。
商船三井は２０１６年に、三井物産、ＡＫＯＦＳオフショアとの共同出資会社を通じてサブシー支援船の保有・リース事業に参入。18年には同保有・リース会社を現物出資するなどし、ＡＫＯＦＳオフショアの株式の25％を取得した。高度な技術が要求されるサブシー支援船事業に本格参入し、運航や船舶管理などの経験を重ねている。
（参考資料）Akastor ASAのリリース
Akastor ASA: 三井物産の譲渡完了と商船三井とのAKOFSオフショアの所有権に関する合意について
2024年11月6日付のプレスリリースで、Akastor ASA（OSE：AKAST）と三井物産との間で、AKOFSオフショアAS（以下「AKOFSオフショア」）における三井の全持分の譲渡に関する合意について言及しました。合意された条件に従い、本日、譲渡が完了し、これにより、AkastorはAKOFS Offshoreの株式の75%を保有することになりました。
上記の完了と同時に、残る2名の株主であるAkastorと商船三井（以下「MOL」）は、本日付で新たな株主間契約を締結しました。また、Akastorと商船三井は本日、Akastorから商船三井へAKOFSオフショアの株式8.3%を譲渡する別の取引契約を締結しました。この取引が完了すると、それぞれ2/3と1/3の所有権が与えられることになります。本取引は「現状有姿」ベースで、三井物産からのAkastorの買収と実質的に同一の商業条件で締結され、AKOFSオフショアに関連する株主貸付金および債務権の相当部分の移転も含まれます。本取引の完了は2025年第1四半期後半となる見込みです。AKOFSオフショアは引き続きAkastorの共同支配企業となります。