MOL Steps Further into Subsea Support Vessel Business

Japanese shipping company Mitsui O.S.K. Lines (MOL) is moving further into the subsea support vessel business as it decided to buy a stake in Norwegian AKOFS Offshore AS.

As informed, MOL and Mitsui & Co have entered into a share purchase agreement to acquire shares in AKOFS Offshore AS, which is owned by Aker Group’s Akastor ASA.

“After in-kind contribution of the company of owner and leasing the subsea support vessel, Skandi Santos, which MOL, Mitsui & Co., and AKOFS are jointly operating since November 2016, MOL’s acquisition amount will be about JPY 8 billion,” the company said.

The move will enable MOL to become more involved in the operation and ship management of subsea support vessels, as explained by the company.

AKOFS currently operates three subsea support vessels. Two of them, including the Skandi Santos, are chartered to the Brazilian state oil company Petróleo Brasileiro, while another is planned to be chartered by Equinor Energy AS.

MOL said it anticipates stable demand and earnings in the subsea field and plans to get involved in every phase of subsea support vessel operations, from research of sea bed petroleum and gas fields to construction, maintenance, repair work, and removal, as the company strives to expand the business.

Additionally, MOL, Mitsui & Co., Akastor and Aker have agreed to seek new opportunities to expand their collaboration based on a long-term perspective.