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.
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Source: Akastor ASA via Globenewswire
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Akastor ASA via Globenewswire