First Quarter Highlights:
- Dividend of NOK 1.5 per share approved, supported by HMH IPO proceeds and aligned with the capital return strategy.
- HMH completed its IPO in April (Nasdaq: HMH), marking a key milestone for Akastor, generating cash proceeds of USD 53 million (incl. greenshoe) and reducing ownership to 36.2%.
- AKOFS Offshore maintained solid operations, with strong utilisation and uptime across the fleet. Aker Wayfarer was formally awarded a new four‑year SESV contract with Petrobras, expected to commence in Q3 2027.
- DDW Offshore completed the sale of Skandi Atlantic in January for USD 22.75 million and announced the sale of Skandi Emerald for USD 23 million post quarter-end.
- Net capital employed was NOK 4.3 billion at quarter-end, with equity of NOK 5.3 billion, corresponding to approximately NOK 19 per share.
Akastor CEO Karl Erik Kjelstad comments:
“We are pleased to announce another dividend following the successful HMH IPO, which generated significant cash proceeds and enabled a higher distribution to shareholders. This marks our fourth consecutive quarterly distribution and reflects our continued commitment to returning capital while maintaining a strong financial position. We also continue to see solid operational performance across our portfolio. AKOFS Offshore maintains stable operations with strong contract coverage, while DDW Offshore has delivered further value realization through vessel sales above book value. Together, these developments underline continued execution on our strategy of creating and realizing value for shareholders.”
HMH
HMH completed its IPO in April, marking a key milestone and providing liquidity for Akastor’s largest investment. The transaction generated proceeds of USD 53 million (incl. greenshoe) and reduced Akastor’s ownership to 36.2%.
In the quarter, HMH reported adjusted EBITDA of USD 30 million (18% margin), with order intake increasing year-on-year and supporting backlog growth and improved market visibility.
Further details on HMH’s first quarter 2026 financial results are available in a separate release published on 6 May 2026 on HMH’s investor relations website, https://investor.hmhw.com/, together with the corresponding SEC filing.
AKOFS Offshore
AKOFS Offshore reported revenues of approximately USD 42 million and EBITDA of USD 14 million in the quarter.
Operational performance remained solid, with strong technical uptime across the fleet. Aker Wayfarer completed its Class Renewal Survey on time and within budget, while AKOFS Santos and AKOFS Seafarer delivered stable operations.
During the quarter, AKOFS Santos completed its debt restructuring, strengthening the capital structure and aligning owner interests. Aker Wayfarer was also awarded a new four‑year SESV contract with Petrobras, expected to commence in Q3 2027.
DDW Offshore
DDW Offshore reported revenues of NOK 182 million and EBITDA of NOK 140 million in the quarter, including the accounting gain from the sale of Skandi Atlantic.
Operationally, Skandi Peregrino remained on contract with high utilization, while Skandi Emerald completed its Class Renewal Survey and returned to operations.
The sale of Skandi Atlantic was completed in January for USD 22.75 million, and post quarter-end DDW Offshore announced the sale of Skandi Emerald for USD 23 million, supporting continued value realization.
Financial holdings
Net financial items were negative NOK 17 million in the quarter, primarily reflecting non‑cash foreign exchange effects, partly offset by contributions from financial investments.
Share of net profit from equity‑accounted investments was negative NOK 6 million in the period (non‑cash for Akastor).
Consolidated financial figures
Please note that Akastor’s consolidated revenue and EBITDA include earnings from subsidiaries, which represent a limited portion of the company’s total Net Capital Employed. As such, the most relevant indicator of value development remains the financial performance of Akastor’s key investments.
On this basis, Akastor reported consolidated revenues of NOK 182 million and EBITDA of NOK 123 million in the quarter, while net profit amounted to NOK 89 million.
Financial calendar
Second Quarter and Half-yearly Results 2026: August 21, 2026
Media Contact
Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
E-mail: oyvind.paaske@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 considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Jing Li Taklo, Head of Financial Reporting, Akastor ASA, on May 13, 2026, at 07:00 CET.
Attachments
Akastor ASA Q1 2026 Presentation