The first quarter has been characterized by significant challenges for MHWirth, as the company is adapting to the current market situation. Overall, the remaining portfolio companies have had satisfactory performance during the quarter. The focus for Akastor going forward is to develop and strengthen each of the companies in the investment portfolio, while maintaining the flexibility to act opportunistically.
- Exposed to the challenging oilfield service market, in particular the drilling segment
- Significant cost reduction activities initiated in portfolio companies in response to the shifting market
- Developing and implementing value creation plans for portfolio companies
- Strengthening the investment team further
- Sold remaining 17 percent share of a property in the Oslo area, with a gain of NOK 37 million
Akastor's portfolio:
- Revenues of NOK 4 546 million
- EBITDA of NOK 177 million, with a margin of 3.9 percent
- Restructuring cost of NOK 40 million in MHWirth, charged to the EBITDA of NOK 177 million
- Order intake of NOK 3.1 billion, giving an order backlog of NOK 20.0 billion
- Net interest bearing debt of NOK 5.9 billion
- Continued very challenging market for MHWirth
- Significant cost reduction activities implemented in MHWirth, reducing workforce by 750 persons
- AKOFS Seafarer acquired for USD 122.5 million, financed with new bank debt
The complete 1st quarter 2015 report and presentation will be available at www.akastor.com and www.newsweb.no.
Webcast link: http://webtv.hegnar.no/presentation.php?webcastId=20159831
Dial in details:
Local - USA + 1646 254 3366
Local - UK +44 (0) 20 3427 1900
Local - Norway +47 2350 0486
Confirmation Code: 1369317
For further information, please contact:
Tore D. Langballe
Head of Communications and Investor Relations
Mob: +47 907 77 841
E-mail: tore.langballe@akastor.com
Akastor ASA is an oilfield services investment company with a flexible mandate for long-term value creation. The company exercises active ownership combining a range of strategic, operational and financial measures to develop and unlock the full value potential of its portfolio of companies. Akastor ASA employs approximately 7,400 people.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Akastor ASA via Globenewswire