Akastor ASA: AKOFS Offshore AS signs contract for AKOFS Santos

07 Oct 2025 07:30 CEST

Akastor ASA's (OSE: AKAST) 66.7% owned affiliate AKOFS Offshore AS (AKOFS
Offshore) has signed a firm contract for its vessel "AKOFS Santos" following a
competitive tender process. The vessel will continue to perform services as a
Multi-Purpose Supply Vessel (MPSV) for Petróleo Brasileiro S.A. (Petrobras) in
Brazil. The contract has a duration of four years, with operations expected to
commence in January 2027, following the expiry of the current contract and
necessary preparations for the new engagement. AKOFS Offshore will conduct the
"AKOFS Santos" operations in collaboration with its partners Bravante for
marine services and IKM Subsea for ROV services.

The total contract value is USD 246 million, of which about USD 140 million
will be revenue allocated to AKOFS Offshore and included in the company's
backlog. Adjusted for this new award, AKOFS Offshore's total contract backlog
amounts to approximately USD 612 million per end of Q2 2025.

For further information, please contact:

Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
oyvind.paaske@akastor.com

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.

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About AKOFS Offshore:

AKOFS Offshore is a provider of vessel-based subsea well construction and
intervention services to the oil and gas industry. The company operates three
specialized offshore vessels, AKOFS Santos, Aker Wayfarer and AKOFS Seafarer,
with the first two vessels contracted to Petrobras for work in Brazil and the
last one contracted to Equinor for work on the Norwegian Continental Shelf.
The company employed 360 people as per the end of 2024. AKOFS Offshore is
owned by Akastor AS (2/3) and Mitsui O.S.K. Lines, Ltd. (1/3).

For further information, please visit homepage: https://www.akofsoffshore.com
(https://www.akofsoffshore.com/)

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.

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