Equinor Energy AS ("Equinor") has now notified AKOFS Offshore AS ("AKOFS
Offshore") that the three-year option period under the existing contract for the
vessel "AKOFS Seafarer" is exercised. The option period is estimated to commence
in late Q4 2025, after the vessel has completed its customary Special Periodic
Survey (SPS) and in direct continuation of the current contract period. The
option period has a total value of about USD 300 million and means that the
vessel will perform light well intervention services (LWI) for Equinor up to
late Q4 2028.

Akastor ASA (OSE: AKAST) currently owns 50% of AKOFS Offshore but has entered
into an agreement to acquire an additional 25% interest. Reference is made to
press release dated 6 November 2024.

For further information, please contact:

Øyvind Paaske

Chief Financial Officer

Tel: +47 917 59 705

oyvind.paaske@akastor.com

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
release was published by Jing Taklo, Head of Financial Reporting, Akastor ASA,
on 4 December 2024 at 12:15 CET.

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About AKOFS Offshore:

AKOFS Offshore is a provider of vessel-based subsea well installation and
intervention services to the oil and gas industry. The company operates three
specialized offshore vessels, AKOFS Santos, Aker Wayfarer and AKOFS Seafarer,
with the first two vessels contracted to Petrobras for work in Brazil and the
last one contracted to Equinor for work on the Norwegian Continental Shelf. The
company employed 352 people as per the end of 2023. AKOFS Offshore is owned by
Akastor AS (50%), Mitsui & Co., Ltd (25%) and Mitsui O.S.K. Lines, Ltd. (25%).

For further information, please visit homepage: https://www.akofsoffshore.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.