08/27/2020 | Press release | Distributed by Public on 08/27/2020 09:54
DOF Deepwater AS ('DOF Deepwater'), which is jointly controlled by Akastor and DOF ASA ('DOF') and which has been part of Akastor's legacy portfolio since the demerger from Aker Solutions in 2014, has today entered into a term sheet with its lenders on a restructuring of its debt that secures continued operations up to second half of 2023. The restructuring of DOF Deepwater involves i.a. the following principles:
Akastor CEO, Karl Erik Kjelstad says:
'We are pleased to reach this agreement with the DOF Deepwater lenders, as it will give 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.'
Closing is i.a. 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. At latest prior to closing, DOF Deepwater will change its name to DDW Offshore AS.
For further information, please contact:
Chief Financial Officer
Mobile: +47 917 59 705
E-mail: [email protected]
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 is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.