Akastor ASA

Akastor today reported second quarter results for 2024. • DRU arbitration concluded, with USD 176 million received in cash and an accounting gain of NOK 748 million in the second quarter • Net interest-bearing debt reduced by NOK 1.6 billion in the quarter, with net interest-bearing items in a net cash position of NOK 831 million per end of June 2024 • Corporate bank facility amended and extended to June 2026. The facility, with a size of USD 30 million, was not drawn per end of period • Approximately 3 million shares received in Odfjell Drilling in period pursuant to a warrant agreement • HMH continues to deliver strong financials, with an LTM EBITDA (adj.) of USD 153 million per end of the second quarter, up 39% compared to last year • HMH filed a confidential draft registration for a potential US IPO which may occur in the second half of 2024, pending market conditions • Equity of NOK 5.5 billion per end of period, corresponding to NOK 20.2 per share, increased from NOK 17.2 per share per end of the first quarter driven by final DRU settlement Join our webcast presentation at 15:00 CET today. For more information: https://lnkd.in/dNEg77yF

Akastor ASA will present its financial results for the second quarter of 2024 on Thursday 11 July 2024, at 15:00 CET. Link to webcast: https://lnkd.in/djbzG7p7

We are happy to announce that Bruce Lethuillier has been appointed Investment Director from July 1st, 2024. Bruce joined Akastor in 2015 as Head of Treasury and in 2021 he was appointed Senior Investment Manager and Head of Treasury. Prior to joining Akastor Bruce held various positions in the Corporate and Investment Banking departments of BNP Paribas and Citi. Akastor CEO Karl Erik Kjelstad says: «We are very pleased to promote Bruce to the position as Investment Director. During his time at Akastor, Bruce has in addition to the role as Head of Treasury been a strong contributor on our M&A projects and has received increased responsibility related to supporting and developing our portfolio companies."

Akastor's CEO Karl Erik Kjelstad recently joined Nordnet Bank AB's Roger Berntsen for a conversation about Akastor and its prospects. Watch a video of the conversation here: https://lnkd.in/dbBq5Bqj

Akastor's portfolio company Føn Energy Services and Dutch offshore wind farm services company C-Ventus Offshore Windfarm Services BV are joining forces!

Akastor today reported First Quarter Results for 2024. • HMH delivered an EBITDA (adj.) of USD 33 million in quarter, about 75% increase year-over-year driven by higher aftermarket activity • NES Fircroft delivered 17% increase in EBITDA and 12% revenue growth year-on-year • DRU arbitration award received in April, with about USD 108 million awarded as payment of termination fees and reimbursement of costs, resulting in a positive accounting effect of NOK 599 million in 1Q. In addition, compensation for interest has been calculated to about USD 65 million, which will be accounted for in 2Q. • Net capital employed increased with 0.9 billion in quarter to NOK 5.5 billion. Equity of NOK 4.7 billion per end of quarter, corresponding to NOK 17.2 per share, up from NOK 14.6 per share per end of last quarter. Join our webcast presentation at 15:00 CET today.   For more information: https://lnkd.in/dxBe4K5d

Akastor ASA will present its financial results for the first quarter of 2024 on Thursday 25 April 2024, at 15:00 CET. Link to webcast: https://lnkd.in/dnDXcXAG

Akastor today published its Annual Report and ESG Report for 2023. 2023 in brief: - Continued underlying growth and improved markets for all Akastor portfolio companies - HMH delivered record high adj. EBITDA of USD 132 million, up 30% versus 2022. HMH refinanced with USD 200 million bond that extended the company’s maturity structure and improved terms which helps enable further growth - AKOFS Offshore commenced new long-term contracts with Petrobras for both AKOFS Santos and Aker Wayfarer - DDW Offshore sold two vessels and refinanced the remaining fleet with a new USD 31 million loan facility to settle legacy debt and profit split arrangement - AGR sold to ABL Group, whereby Akastor became a shareholder in the listed ABL Group - Full settlement received on the USD 20 million seller’s credit towards Odfjell Drilling - Akastor completed the DRU arbitration process, and awaits the award The Annual Report is available at the following link: https://lnkd.in/gZw2-DN4 To read Akastor’s ESG report please see the following link:  https://lnkd.in/dFHGJwwq

Akastor today reported Fourth Quarter Results for 2023. • HMH delivered a record high adj. EBITDA of USD 44 million in the quarter. With this, 2023 adj. EBITDA came in at USD 132 million, up 30% versus 2022. • HMH completed refinancing of its USD 150 million bond and USD 23 million term loan with a new USD 200 million bond • DDW Offshore delivered a solid operational result with an EBITDA of NOK 40 million, driven by full utilization and increased charter rates for the two vessels in operation • AKOFS Offshore delivered good utilization, with all vessels on contract through the quarter • Net capital employed of NOK 4.6 billion and equity of NOK 4.0 billion per end of quarter, corresponding to NOK 14.5 per share Join our webcast presentation at 15:00 CET today.   For more information: https://lnkd.in/dQ72sNxP

Akastor ASA will present its financial results for the fourth quarter of 2023 on Wednesday 14 February 2024, at 15:00 CET. Link to webcast: https://lnkd.in/dbghYMG3