Norwegian oil service investment company Akastor is set to assume full ownership of DOF Deepwater, which is jointly controlled by Akastor and DOF.
DOF Deepwater, which has been part of Akastor's legacy portfolio since the demerger from Aker Solutions in 2014, has entered into a term sheet with its lenders on a restructuring of its debt that secures continued operations up to the second half of 2023.
Under the agreement, DOF shall transfer all of its shares in DOF Deepwater to Akastor, which will own all shares in the company and assume full operational responsibility over DOF Deepwater and its four supply vessels and one anchor handling vessel.
Closing is subject to final agreements being entered into and is expected to take place in the third quarter of 2020.
As from closing, DOF Deepwater will be consolidated into Akastor Group as a subsidiary. At latest prior to closing, DOF Deepwater will change its name to DDW Offshore.