Akastor ASA: Contract award for two DDW Offshore vessels

OSLO, March 18, 2021 - Akastor ASA's (OSE: AKAST) wholly owned subsidiary, DDW Offshore AS (DDW Offshore), has entered into bareboat charter agreements with OceanPact Servicos Maritimos S.A. ("OceanPact"), a Brazilian subsea and logistic company, for the two AHTS vessels Skandi Saigon and Skandi Pacific for a period of 26 months. As part of the agreements, forward sale of the vessels has been agreed whereby OceanPact shall purchase the vessels at the end of the charter period. The vessels will work for Petrobras, supporting the company's production activities on the Brazilian continental shelf. Commencement under the two charter agreements is expected to take place in Q2 2021.

Karl Erik Kjelstad, CEO of Akastor, says: "By entering into these long-term agreements for two of DDW Offshore's five vessels, DDW Offshore secures revenue and predictability going forward. The sale of the vessels will allow DDW Offshore to reduce its debt obligations according to the restructuring agreement reached between Akastor and DDW Offshore lenders in October last year."

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.

This information was brought to you by Cision http://news.cision.com

View original content:http://www.prnewswire.com/news-releases/akastor-asa-contract-award-for-two-ddw-offshore-vessels-301250256.html

SOURCE Akastor ASA