Norwegian oil services company Akastor is holding discussions to expand its existing partnership with Japanese trading and investment firm Mitsui & Co that will see the inclusion of AKOFS Offshore.

Both companies have signed a memorandum of understanding (MoU) to under which Mitsui, along with the potential partners will acquire 50% stake of AKOFS and form a new joint venture.

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The transaction is estimated to provide nearly $142m initial net cash to Akastor, with a potential further cash release subject to future earning of AKOFS Seafarer vessel in the following years.

Akastor CEO Kristian Røkke said: “We are pleased to have reached this important milestone and believe the transaction will provide a beneficial long-term ownership structure for AKOFS.

“The transaction is estimated to provide nearly $142m initial net cash to Akastor.”

“The prospect of expanding our current partnership with Mitsui is exciting and we look forward to further developing the cooperation in the coming years.”

Following the transaction, Mitsui is expected to play an active role in the development of AKOFS together with Akastor.

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Expected to occur in the first quarter of next year, completion of the transaction is subject to the agreement of final terms and conditions as well as the signing of definitive agreements and respective board of directors’ approval.

Recently, MHWirth, a subsidiary of Akastor secured a contract from Wood Group Canada to deliver drilling package which includes equipment, engineering and services for the West White Rose Project offshore Canada.

Currently, Husky Energy is developing the West White Rose Project with its partners.