Norwegian energy giant Equinor has exercised a three-year option for one of AKOFS Offshore’s well intervention vessels.
Equinor awarded the extension to the vessel AKOFS Seafarer. The option period is estimated to begin in the late fourth quarter of 2025 after the vessel has completed its customary special periodic survey and in direct continuation of the current contract period.
The option period has a total value of about $300m and the vessel will perform light well intervention services for Equinor up to the late fourth quarter of 2028.
The vessel won the initial deal with Equinor in June 2018. The contract for light well intervention services using the vessel was for work on all Equinor-operated licences from 2020 to 2025.
In recent company news, Norwegian oil-services investment company Akastor acquired Mitsui & Co’s interests in AKOFS Offshore in early November. The deal is worth $22.5m and should close in the first quarter of 2025, subject to regulatory approvals.
Following the completion of the transaction, Akastor will hold a 75% stake in AKOFS Offshore with the remaining 25% stake staying with Japanese shipping giant Mitsui OSK Lines.
