Akastor ASA: AKOFS Offshore AS awarded three-year contract with Petrobras

Akastor ASA’s (OSE: AKAST) 50% owned affiliate AKOFS Offshore AS (AKOFS Offshore) has signed a firm three-year contract with Petróleo Brasileiro S.A. (Petrobras) for its vessel “Skandi Santos” which will perform a broad scope of subsea services in Brazil. The services will commence in Q4 2022 and the total contract value is about USD 107 million. AKOFS Offshore will be performing the Skandi Santos operations with its partners Bravante for marine services and IKM Subsea for ROV services.

The Skandi Santos is designed to install and retrieve subsea trees and modules, including subsea structures and manifolds at water depths of up to 2,500 meters. The vessel is now completing its current contract with Petrobras which began March 1, 2010.

AKOFS Offshore, headquartered in Oslo, Norway, is a global provider of vessel based subsea well intervention and installation services to the oil and gas industry. In addition to the vessel “Skandi Santos”, it also operates the vessels “Aker Wayfarer” and “AKOFS Seafarer”, respectively for Petrobras and Equinor. The Company is owned by Akastor AS (50%), Mitsui & Co., Ltd (25%) and Mitsui O.S.K. Lines, Ltd. (25%).

For further information, please contact:

Øyvind Paaske

Chief Financial Officer

Tel: +47 917 59 705

E-mail: oyvind.paaske@akastor.com

This press release may include forward-looking information or statements and is subject to our disclaimer; see https://akastor.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.