Akastor ASA: DDW Offshore awarded contract extension

Reference is made to press release dated 27 September 2022 on the contract awarded by Petrofac in Australia to Akastor ASA’s (OSE: AKAST) subsidiary DDW Offshore AS (“DDW Offshore”) in respect of the vessel Skandi Atlantic. Petrofac has now awarded DDW Offshore a 9-month extension of the existing contract in Australia whereby Skandi Emerald will replace Skandi Atlantic in March 2024. The contract will last until year-end 2024. Skandi Emerald will continue to support the disconnection of the FPSO “Northern Endeavour” as well as assist towing and well isolation work on the Laminaria Corallina oil fields in the West Timor Sea. After demobilisation in March, Skandi Atlantic will undergo its special survey for class renewal in Singapore and is expected to be available for new contract by end of April 2024.

For further information, please contact:

Øyvind Paaske

Chief Financial Officer

Tel: +47 917 59 705

E-mail: oyvind.paaske@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.

DDW Offshore owns three modern Anchor Handling Tug Supply (AHTS) vessels (Skandi Atlantic, Skandi Emerald and Skandi Peregrino) 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.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.