$300M extension keeps AKOFS vessel busy offshore Norway

Norway’s state-owned oil and gas player Equinor has prolonged a well intervention assignment for one of Oslo-headquartered AKOFS Offshore’s vessels on the Norwegian Continental Shelf (NCS).

The extension option Equinor has exercised under the existing contract will enable AKOFS Offshore’s AKOFS Seafarer to stay with the Norwegian giant for three more years.

This option period is expected to begin in late Q4 2025, once the vessel has completed its customary special periodic survey (SPS) in direct continuation of the current contract period.

The extension will bring AKOFS Offshore approximately $300 million. Thanks to the added work scope, the vessel will perform light well intervention services (LWI) for Equinor up to late Q4 2028.

In June 2023, the Norwegian authorities gave Equinor consent to use the AKOFS Seafarer for light well intervention and coiled tubing up to June 15, 2025.

According to the Norwegian offshore safety watchdog, light well intervention is wireline-based well maintenance, whereby a cable is routed directly through the water and down into the well without the use of a riser.

AKOFS Seafarer was originally a supply ship, built at the STX Europe Søviknes shipyard in 2010, before its conversion into a well intervention vessel. The ship received an acknowledgement of compliance (AoC) in August 2020.

AKOFS Seafarer is fitted with a 42-meter tall derrick with active heave compensated cranes and has a skidding system with pallet capacities of 100 tons in the moonpool area and 60 tons outside.

Akastor, which currently owns 50% of AKOFS Offshore, recently struck a deal to get an additional 25% interest from Japan’s Mitsui & Co.

Upon completion, Akastor will hold 75% of the shares in AKOFS Offshore while the remaining 25% will remain owned by the Japanese firm.