Akastor’s $25M Offshore Vessel Sale Collapses After Charterer Balks
Why a Routine Deal for the Skandi Peregrino Hit the Rocks
In a sudden reversal, Akastor’s subsidiary DDW Offshore has scrapped the $25 million sale of its advanced anchor-handling vessel, the Skandi Peregrino. The deal’s collapse—confirmed May 16, 2025—highlights the fragile dance between asset sales and charter agreements in the offshore sector, where third-party approvals can make or break transactions.
“Novation clauses are landmines in these deals. When a charterer holds veto power, even signed contracts aren’t safe,” says a Singapore-based maritime analyst familiar with the transaction.
The agreement, announced in early March 2025, seemed straightforward: an unnamed buyer would acquire the STX AH08-designed vessel by Q2 2025. But the fine print proved decisive. The sale was contingent on the charterer consenting to novate—or transfer—the existing contract to the new owner. When that consent failed to materialize, DDW Offshore pulled the plug.
The Skandi Peregrino’s Stalled Journey
Built for versatility, the 2010-delivered Skandi Peregrino is no ordinary workhorse. Its 18,000 kW of bollard pull and dynamic positioning systems allow operations in water depths from shallow coastal zones to ultra-deep basins. Currently stationed at Brazil’s Peregrino oil field (its namesake), the vessel’s high-spec capabilities made it a theoretically attractive asset—until contractual red tape intervened.
“$25M was a fair price for this tonnage. But in today’s market, charterers know they hold leverage,” notes a Rio de Janeiro rig broker.
For Akastor, the cancellation is a setback in its strategy to monetize non-core assets. The Norwegian investment firm had earmarked proceeds for reinvestment in renewable energy ventures. Meanwhile, the unnamed buyer—likely a private equity-backed offshore player—must now scout for alternatives in a tightening AHTS market.
As the Skandi Peregrino resumes its duties under the original charter, the episode underscores a harsh reality: in offshore M&A, paper deals mean little until the last stakeholder signs off.
