19 June 2018 - Reference is made to the announcement on 16 May 2018 regarding a Letter of Intent with Equinor. AKOFS Offshore, a company owned by Akastor ASA, has today signed a contract with Equinor for provision of year round light well intervention services (LWI) on the Norwegian continental shelf for a period of five years, with an option period of three years. The terms are in line with the previous announcement; the contract value for the initial five-year period is approximately USD 370 million and the work will be performed from the AKOFS Seafarer well intervention vessel with a scheduled commencement first half of 2020.
About AKOFS Offshore
AKOFS Offshore, headquartered in Oslo, Norway, is a global provider of vessel based subsea well intervention and installation services to the oil and gas industry. In addition to the AKOFS Seafarer, the company is operating two specialized vessels for Petrobras in Brazil on long term contracts. The Skandi Santos has successfully performed subsea intervention and equipment installation work since 2010, and Aker Wayfarer commenced similar operations early 2018.