AKOFS Offshore, an Oslo-headquartered provider of vessel-based subsea well construction and intervention services, has secured a firm contract for one of its vessels that ensures it will continue working for Brazilian oil & gas giant Petrobras.
Following a competitive tender process that resulted in the firm contract, the 2009-built AKOFS Santos will continue to perform services as a multi-purpose supply vessel (MPSV) for Petrobras in Brazil, with the contract having a duration of four years.
Operations are expected to begin in January 2027, following the expiry of the current contract and necessary preparations for the new engagement.
The total contract value is $246 million, of which about $140 million will be revenue allocated to AKOFS Offshore and included in the company’s backlog.
The work will be conducted in collaboration with partners Bravante for marine services and IKM Subsea for remotely operated vehicle (ROV) services.
Adjusted for this new award, AKOFS Offshore’s total contract backlog amounts to approximately $612 million as of the end of Q2 2025.
AKOFS Offshore operates three specialized offshore vessels, including AKOFS Santos, Aker Wayfarer and AKOFS Seafarer, with the first two contracted to Petrobras for work in Brazil and the last one contracted to Equinor for work on the Norwegian Continental Shelf (NCS).
The company is two-thirds owned by Norway-based oil-services investment company Akastor, with Mitsui O.S.K. Lines holding the remaining one-third.