Akastor ASA: Akastor, Mitsui and MOL announces closing of joint venture transaction

  • November 24, 2016
  • 08:00
  • News
  • Stock exchange release
  • AKOFS Offshore
  • Akastor ASA

Akastor ASA (OSE: AKA), an oil service investment company, announced today that the Agreement with MITSUI & CO., LTD ("Mitsui"), and Mitsui O.S.K. Lines, Ltd. ("MOL"), to create a joint venture with 50/50 ownership between AKOFS Offshore AS ("AKOFS") 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.
 
 
ENDS
 
For further information, please contact:
 
Tore D. Langballe
Head of Communications & Investor Relations
Mob: +47 907 77 841
 
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.