Name-Juggling No Handicap as Akastor Nets CSV Contract

Akastor ASA informs that it has commenced trading exclusive of rights to consideration shares in New Aker Solutions, and secured an extension of the CSV 'Skandi Santos' charter the same day.

Following the completion of the demerger of the Aker Solutions group, Aker Solutions ASA has changed its name to Akastor ASA and is traded under the ticker AKA at Oslo Stock Exchange.

New Aker Solutions has simultaneously changed its name to Aker Solutions ASA, and will as of Monday September 29, 2014 trade under the AKSO ticker at Oslo Stock Exchange.

CSV "Skandi Santos" was awarded five-year contract extension from Petrobras on the same day.

AKOFS Offshore, a part of Akastor ASA, has been notified of a five-year contract extension from Petrobras to use the Skandi Santos, a Subsea Equipment Support Vessel in Brazil.

The extension, worth about NOK 2.5 billion, will start March 1, 2015 in direct continuation of current contract. The vessel is currently operating under a five-year contract with Petrobras that began March 1, 2010.

The Skandi Santos is designed to install and retrieve subsea trees and modules, including subsea structures and manifolds at water depths of up to 2,300 meters. The vessel will during the contract extension period continue with its current scope of work and also start installing Petrobras' new generation of subsea trees offshore Brazil.

The Skandi Santos and the installed remotely operated vehicles are owned by DOF Subsea and leased to AKOFS Offshore, who owns and operates the vessel's topside and subsea equipment.

Akastor ASA is an oilfield services investment company with a flexible mandate for long-term value creation. The company exercises active ownership combining a range of strategic, operational and financial measures to develop and unlock the full value potential of its portfolio of companies. Akastor ASA employs approximately 7,400 people.