AKOFS Offshore Secures $300M for Well Intervention Vessel’s Work with Equinor
Equinor has exercised a three-year option for AKOFS Offshore’s well intervention vessel AKOFS Seafarer.
The option period is estimated to start in late fourth quarter of 2025, after the vessel has completed its customary Special Periodic Survey (SPS) and in direct continuation of the current contract period.
The option period has a total value of about $300 million and means that the vessel will perform light well intervention services (LWI) for Equinor up to late fourth quarter of 2028.
Classified as well intervention unit in compliance with the IMO-MODU code, AKOFS Seafarer is fitted with a 42-meter-tall derrick with an active heave compensated cranes - one of 400 tonnes and one of 100 tonnes (dual fall) capacity.
The vessel has a skidding system with pallet capacities of 100 tonnes in the moonpool area and 60 tonnes outside.
Akastor currently owns 50% of AKOFS Offshore but has entered into an agreement to acquire an additional 25% interest from Mitsui O.S.K. Lines (MOL) in November 2024 for $22.5 million.
Following completion of the transaction, Akastor will hold 75% of the shares in AKOFS Offshore while the remaining 25% will remain owned by MOL.