Thursday 24 November 2016

Akastor ASA, an oil service investment company, announced today that the Agreement with MITSUI & CO., LTD , and Mitsui O.S.K. Lines, Ltd., to create a joint venture with 50/50 ownership between AKOFS Offshore AS 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.