Akastor ASA: DDW Offshore completes USD 31 million refinancing

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Sep 26, 2023, 01:59 ET

FORNEBU, Norway, Sept. 26, 2023 /PRNewswire/ -- Akastor ASA's (OSE: AKAST), ("Akastor") wholly owned subsidiary DDW Offshore AS ("DDW Offshore") has completed a USD 31 million refinancing provided by EnTrust Global's Blue Ocean Funds as lenders. The new loan agreement matures in September 2026 and is guaranteed by Akastor. The funds have been or will be used for the following purposes:

i. settlement of the existing loan facility maturing in February 2024
ii. settlement of the profit split arrangement for the two vessels Skandi Atlantic and Skandi Emerald that was agreed with the previous lenders (see press release 27 August 2020 for further details)
iii. reactivation of "Skandi Peregrino", which is currently in warm lay-up, and;
iv. general corporate purposes.

Following these transactions, DDW Offshore holds full economic interest in its fleet of three Anchor Handling Tug Supply (AHTS) vessels (Skandi Atlantic, Skandi Emerald and Skandi Peregrino).

For further information, please contact:

Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
[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.

DDW Offshore owns three modern Anchor Handling Tug Supply (AHTS) vessels (Skandi Atlantic, Skandi Emerald and Skandi Peregrino) with capability to operate and support clients on a world-wide basis. The vessels are specially designed to perform anchor-handling, towing, and supply services at offshore oil and gas fields. On 24 July 2023, DDW Offshore completed the sale of Skandi Saigon and Skandi Pacific to OceanPact Servicos Maritimos S.A.

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