Akastor ASA: First Quarter Results 2018


· Total revenues were NOK 1 135 million, compared to revenues of NOK 943 million the same quarter previous year.
· EBITDA was NOK 140 million compared to an EBITDA of NOK 53 million in the same quarter last year. EBITDA in the quarter was positively impacted by the operations in Aker Wayfarer starting the 5+5 year contract with Petrobras on January 1.
· Working capital reduced by NOK 118 million to NOK 925 million in the quarter.
· Net debt was NOK 2 210 million. Net bank debt was NOK 829 million while the finance leases were NOK 1 381 million.
· MHWirth awarded a drilling equipment contract from Keppel FELS in April, with contract value approximately USD 100 million.
· The discussions with Mitsui to expand the JV partnership to include AKOFS Offshore are progressing, aiming at finalizing definitive agreements in Q2.


NOK million

Q1 18

Q1 17
Operating revenue and other income 1 135 943
EBITDA 140 53
EBIT 15 (96)
CAPEX and R&D capitalization 17 15
NCOA 925 1 268
Net capital employed 7 196 8 333
Order intake 1 042 643
Order backlog 6 462 7 295
Net Debt 2 210 3 037
Employees 1 991 2 178

In accordance with current legislation, Akastor will publish its quarterly results in form of enclosed presentation for the first quarter, third quarter and fourth quarter. Half-yearly interim report and annual report will be published as announced in Financial Calendar.

Financial Calendar
Second quarter and half year results 2018: July 13, 2018

Media Contact:
Leif Borge
Chief Financial Officer
Tel: +47 917 86 291
E-mail: leif.borge@akastor.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.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
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