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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Akastor Asa | LSE:0IPT | London | Ordinary Share | NO0010215684 | AKASTOR ORD SHS |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 17.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Oil And Gas Field Expl Svcs | 1.06B | -276M | -1.0073 | -17.37 | 4.8B |
From May 2022 to May 2024
FORNEBU, Norway, Nov. 29, 2022 /PRNewswire/ -- Reference is made to the stock exchange announcement on 27 April 2018 by Akastor ASA (OSE: AKAST) ("Akastor") regarding a preference share investment agreement and a warrant investment agreement with Odfjell Drilling Ltd. (OSE: ODL) ("Odfjell Drilling"). Akastor has recently entered into an agreement to sell the preference shares to Odfjell Drilling, which as of today became firm and unconditional. The closing of the transaction took place today. The preference shares are sold for USD 95.2 million, of which USD 75.2 million was settled in cash at closing with the remaining USD 20 million to be settled pursuant to a seller's credit agreement with maturity date 31 July 2024.
The warrants are not part of the transaction and will remain with Akastor.
"We are very pleased with our investment in Odfjell Drilling, which has given Akastor a solid return since 2018. The realization of the preference shares is driven by capital allocation priorities and will further strengthen our balance sheet. We are happy to maintain exposure towards Odfjell Drilling through the warrant agreement, which we believe is a structure with an interesting upside potential in an improving market," says Karl Erik Kjelstad, CEO of Akastor.
For further information, please contact:
Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
Oyvind.paaske@akastor.com
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.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
View original content:https://www.prnewswire.com/news-releases/akastor-asa-divestment-of-preference-shares-held-in-odfjell-drilling-ltd-301688913.html
SOURCE Akastor ASA
Copyright 2022 PR Newswire
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