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.

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).

About Akastor

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.

About Petrobras

Petrobras has upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.