DOF Subsea to sell Skandi Santos

SEPTEMBER 20, 2016 — DOF Subsea Rederi AS has a agreed to sell its 2009-built subsea vessel Skandi Santos to a new 50/50 joint venture being formed by AKOFS Offshore AS and Mitsui.

AKOFS Offshore is a portfolio company of Norwegian-based oil-services investment company Akastor ASA. It provides vessel-based subsea well construction and intervention services.

DOF Subsea Rederi AS says the sale of the vessel releases approx. NOK 350 milion in liquidity after coverage of all costs and repayment of debt.

Since delivery, the vessel has served under a bareboat charter contract with AKOFS. Norskan Offshore Ltda. of Rio de Janeiro, Brasil (Norskan), a subsidiary of DOF ASA, been the marine manager and marine personnel operator under separate contract with Petrobras,and the services of Norskan will continue unchanged.

DOF Subsea ROV AS, a subsidiary in the DOF Subsea AS Group, will continue to own and provide ROVs, and its affiliate DOF Subsea Brasil Servicos Ltda. in Brazil will continue to provide ROV services onboard the Vessel, all as part of the subsea equipment support vessel contract with Petrobras.

Mons S. Aase, CEO of DOF ASA and DOF Subsea AS, says: "The Vessel has been a great success for all involved since its delivery. The companies in the DOF ASA and DOF Subsea AS Group are much looking forward to continuing the excellent cooperation with AKASTOR and its affiliates in this successful venture, the values of which we fully share."

Mons S. Aase, CEO of DOF ASA and DOF Subsea AS, says: "The Vessel has been a great success for all involved since its delivery. The companies in the DOF ASA and DOF Subsea AS Group are much looking forward to continuing the excellent cooperation with AKASTOR and its affiliates in this successful venture, the values of which we fully share."

The agreement to sell the vessel to the joint venture is subject to Petrobras consent and certain other approvals and conditions, the clearance of which is expected to be forthcoming in fourth quarter 2016.

Kristian Røkke, CEO of Akastor says: "We are pleased to announce this partnership with Mitsui and are excited about additional joint business opportunities currently being explored. This transaction will increase Akastor's financial flexibility, while laying the groundwork for longer term value creation together with Mitsui."

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