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Akastor to take ownership of restructured DOF Deepwater

Akastor to take ownership of restructured DOF Deepwater
DOF Deepwater AS, jointly controlled by Norwegian oil services investor Akastor and OSV owner DOF ASA, has entered into a term sheet with its lenders on a restructuring of its debt that secures continued operations up H2 2023

Under the restructuring, DOF will transfer all of its shares in DOF Deepwater to Norwegian billionaire Kjell Inge Rokke’s Akastor, which will assume full operational responsibility over DOF Deepwater and its five anchor-handling tug supply (AHTS) vessels.

Those AHTS vessels are: Skandi Emerald; Skandi Peregrino; Skandi Saigon; Skandi Pacific; and Skandi Atlantic.

The agreement will convert 50% of the current debt in DOF Deepwater to equity and the remaining 50%, about Nrk520M (US$59M), will remain on existing terms.

Additionally, there will be a 50/50 profit split in the sales proceeds between the lenders and DOF Deepwater when the company divests its vessels.

Akastor chief executive Karl Erik Kjelstad said the agreement with the DOF Deepwater lenders gives the company a predictable and viable financial structure for the coming three years.

“DOF Deepwater operates in a market which remains challenging, but with this financial structure and the relative modern and versatile fleet, the company should be well positioned to remain as a market player and thereby secure revenue in a more normalised market in the future,” he said. Closing is subject to final agreements being entered into and is expected to take place in Q3 2020.

As from closing, DOF Deepwater will be consolidated into Akastor Group as a subsidiary and renamed DDW Offshore AS.

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