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.co.uk/news-releases/akastor-asa-divestment-of-preference-shares-held-in-odfjell-drilling-ltd-301688918.html