Kjell Inge Rokke's AKOFS Offshore has clinched a subsea ship charter extension in Brazil worth $282m.
Oslo-listed parent Akastor said the subsidiary has signed a deal that will keep the 10,900-dwt Aker Wayfarer (built 2010) with oil major Petrobras for another 1,415 days, or almost four years.
The ship has been operating for Petrobras as a subsea equipment support vessel (SESV) on a five-year deal since January 2018.
The new term starts in the first half of 2023.
The original charter had five years of options attached.
The rate has been kept confidential in both cases.
AKOFS Offshore will be performing the charter jointly with its partners Bravante for marine services and Oceaneering for remote-operated vehicles (ROV) services.
Of the total contract value, about $198m will be revenue allocated to AKOFS Offshore and included in the company's backlog.
AKOFS Offshore is headquartered in Oslo and also operates two other subsea vessels.
The company is 50%-owned by Rokke’s Akastor, trader Mitsui & Co 25% and shipowner Mitsui OSK Lines 25%.
Conversion project
In 2018, AKOFS agreed a conversion project for the ship so that it could service the Petrobras deal.
The cost was NOK 600m (then $74.5m) and was fully financed by Rokke-controlled sale and leaseback company Ocean Yield, which has since been sold to private equity fund KKR.
Akastor agreed to sell 50% of AKOFS Offshore in 2018 to its Japanese partners.
The companies already cooperated on the shipowning joint venture Avium Subsea, but this was discontinued.
