Akastor ASA: Restructuring of DDW Offshore completed

Rhea-AI Summary

Akastor AS has finalized the acquisition of DDW Offshore AS, effective from October 9, 2020, with ownership of all shares transferred. This consolidation will integrate DDW Offshore as a subsidiary within the Akastor Group starting Q4 2020. The restructuring aligns with previously announced principles from August 27, 2020. DDW Offshore operates five advanced Anchor Handling Tug Supply vessels, providing vital services in offshore oil and gas operations.

Positive

• Acquisition of DDW Offshore AS strengthens Akastor's portfolio.
• Integration of DDW Offshore expected to contribute to long-term value creation.

Negative

• None.

OSLO, Norway, Oct. 12, 2020 /PRNewswire/ -- Reference is made to the stock exchange release dated 27 August 2020 regarding the restructuring of DDW Offshore AS (previously named DOF Deepwater AS). Final agreements consistent with the key principles set out in the release have been entered into by all parties. Effective from 9 October 2020, Akastor AS owns all shares in DDW Offshore AS.

DDW Offshore AS will be consolidated into Akastor Group as a subsidiary as from Q4 2020.

For further information, please contact: 
Øyvind Paaske
Chief Financial Officer
Mobile: +47-917-59-705
E-mail: oyvind.paaske@akastor.com

About Akastor

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.

DDW Offshore owns five modern Anchor Handling Tug Supply (AHTS) vessels with capability to operate and support clients on a world-wide basis. The vessels are specially designed to perform anchor-handling, towing, and supply services at offshore oil and gas fields. More information is available at www.ddwoffshore.com.

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SOURCE Akastor ASA

FAQ

What is the significance of Akastor's acquisition of DDW Offshore AS?

The acquisition reinforces Akastor's portfolio and supports long-term value creation.

When did Akastor finalize the acquisition of DDW Offshore AS?

The acquisition was finalized on October 9, 2020.

How will DDW Offshore AS be incorporated into Akastor?

DDW Offshore AS will be consolidated as a subsidiary of Akastor Group starting Q4 2020.

What type of vessels does DDW Offshore AS operate?

DDW Offshore AS operates five modern Anchor Handling Tug Supply vessels.

What services do DDW Offshore's vessels provide?

The vessels are designed for anchor-handling, towing, and supply services in offshore oil and gas fields.