Reviews & Ratings for the Akofs-Santos

In a significant move within the offshore support vessel (OSV) sector, Mitsui OSK Lines (MOL), recognized as the largest shipowner by fleet numbers worldwide, is making its inaugural entry into this challenging market. The Japanese shipping giant is partnering with the trading powerhouse Mitsui & Co., alongside Norway’s AKOFS Offshore, to acquire the subsea support vessel, Skandi Santos, from the renowned DOF Subsea. This venture is closely associated with Norwegian entrepreneur Kristian Røkke, who has made notable strides in the offshore industry through various investments. Notably, the Skandi Santos is currently under charter to the Brazilian oil giant Petrobras, illustrating the ongoing demand for specialized offshore services. This collaboration marks a pivotal expansion for MOL and highlights its strategic interests in the evolving energy sector.

DOF Subsea has finalized an agreement to divest its offshore vessel, the 'Skandi Santos,' to a newly established joint venture formed by Akastor’s AKOFS Offshore and Mitsui. This strategic move, which comes after the vessel has been under charter to AKOFS since 2009, is anticipated to generate approximately NOK350 million (around $42.2 million) for DOF Subsea, after all associated costs and debt repayments have been settled. The transaction, however, is contingent upon receiving approvals from Petrobras, along with other necessary consents and conditions. It is expected that these clearances will occur in the fourth quarter of 2016, paving the way for this exciting partnership in the offshore market.

In a strategic move to enhance oil production capabilities, Petrobras, the Brazilian state-backed oil powerhouse, has officially renewed its contract for the Skandi Santos offshore support vessel. This extension will see the high-tech vessel continue its operations for an additional five years, as confirmed by ship operator AKOFS Offshore. The Skandi Santos plays a crucial role in the installation of wet christmas trees and a range of other essential equipment at Petrobras’s ultra-deepwater oil fields located off the coast of Brazil, the largest country in Latin America. AKOFS Offshore, the firm that manages the Skandi Santos, leases the vessel from DOF Subsea. This contract extension comes at a time when Petrobras is grappling with a shortage of specialized vessels that can operate in Brazil's challenging deep waters. This scarcity has hampered the company's ability to achieve its ambitious production targets over the past few years. As part of its growth strategy, Petrobras aims to increase oil output by 7.5%, targeting production of 2.076 million barrels per day (b/d) in 2014, an increase from 1.931 million b/d in 2013. The Skandi Santos vessel was initially contracted to Petrobras in March 2010 for a five-year term, and the new contract, worth an estimated $388 million, will take effect on March 1, 2015. This extension not only underscores the importance of the Skandi Santos in Petrobras’s operations but also reflects the company's commitment to bolstering production capabilities in the face of operational challenges.