Fourth Quarter Highlights:
- A cash dividend of NOK 0.40 per share was approved, supported by the realization of Skandi Atlantic from DDW Offshore and fully aligned with Akastor’s strategy to return excess capital to shareholders.
- HMH delivered adjusted EBITDA of USD 58 million with a 28% margin, driven by cost efficiencies and inventory optimization, and generated USD 66 million in Free Cash Flow in the quarter.
- AKOFS Offshore maintained strong operational performance, with all vessels delivering high utilization. The company secured a new four-year MPSV contract for AKOFS Santos, supported by an extension of its current agreement to January 2027, and Aker Wayfarer was nominated for a new four-year SESV contract with Petrobras.
- DDW Offshore completed a refinancing of its term loan during the quarter, reducing future financing costs, and finalized the sale of Skandi Atlantic for USD 22.75 million post quarter end.
- Net capital employed increased by NOK 50 million during the quarter to NOK 4.5 billion, with equity at NOK 5.3 billion at year‑end, corresponding to NOK 19.5 per share.
Akastor CEO Karl Erik Kjelstad comments:
“We are pleased to announce yet another dividend payment for the fourth quarter, supported by the realization of Skandi Atlantic in January. This marks our third consecutive distribution and reflects our continued commitment to returning excess capital to shareholders. HMH delivered another strong quarter with solid cash generation and further improvements in margins, underscoring the resilience of the business and its ability to create value through cost and efficiency initiatives. We also saw positive contract developments in AKOFS Offshore and increased financial flexibility in DDW Offshore following the refinancing of its term loan. Together, these developments strengthen our portfolio and support Akastor’s long‑term value‑creation ambitions.”
HMH
HMH reported revenues of USD 206 million in the quarter, with an adjusted EBITDA of USD 58 million, corresponding to an adjusted EBITDA margin of 28%, reflecting continued cost efficiencies and the positive impact of inventory optimization.
Revenues from Aftermarket Services were USD 103 million, relatively flat year‑on‑year and down 2% quarter‑on‑quarter, driven by contract services with partial offset from repairs and digital technology. Order intake for the quarter was USD 75 million, down year‑on‑year and quarter‑on‑quarter, primarily impacted by lower repair activity and digital technology services.
Revenues from Spares were USD 58 million, broadly unchanged from the prior quarter and down year‑on‑year, reflecting the flat environment in the global offshore market. Order intake ended at USD 56 million, down year‑on‑year due to reduced pressure‑control spares, with a slight quarter‑on‑quarter rebound in topside and pressure‑control spares offset by lower land spares activity.
Revenues from Projects, Products & Other were USD 46 million in the quarter, down year‑on‑year and quarter‑on‑quarter, mainly driven by lower product and project activity entering the period.
AKOFS Offshore
AKOFS Offshore reported revenues of USD 38 million and EBITDA of USD 11 million for the quarter.
Operational performance remained solid across the fleet, with Aker Wayfarer and AKOFS Santos delivering revenue utilization of 97% and 85%, respectively. AKOFS Seafarer achieved a revenue utilization of 86%, supported by stable operations but impacted by periods of waiting on weather.
From a commercial perspective, the quarter also saw important developments. AKOFS Santos was formally awarded a new four‑year MPSV contract with Petrobras, and an amendment was signed in January 2026 extending the existing contract to January 2027, ensuring a seamless transition into the new agreement expected to commence in 1Q 2027. In addition, Aker Wayfarer was nominated for the award of a four‑year SESV contract with Petrobras, anticipated to start in Q3 2027, subject to final signing.
DDW Offshore
DDW Offshore reported revenues of NOK 105 million and EBITDA of NOK 18 million for the quarter, down from the same period last year, reflecting lower fleet utilization and off‑hire costs in the period.
Skandi Atlantic and Skandi Peregrino remained on contract in Australia throughout the quarter, delivering 100% and 89% revenue utilization, respectively. Skandi Peregrino’s utilization was impacted by 10 days off‑hire due to an actuator replacement. During the quarter, Skandi Emerald demobilized to Singapore following the end of its previous long‑term contract and operated in the short‑term spot market, resulting in 60% revenue utilization in the fourth quarter. The vessel is currently in Singapore undergoing its five‑year Special Periodic Survey (SPS).
Post quarter‑end, DDW Offshore completed the sale of Skandi Atlantic for USD 22.75 million, significantly above book value.
Financial holdings
Net financials were negative NOK 39 million in the quarter, driven by negative contribution from our financial holdings, partly offset by non-cash net foreign exchange gain of NOK 18 million.
Share of net profit from equity-accounted investments contributed positively with NOK 62 million, of which HMH contributed positively with NOK 72 million. Akastor no longer recognizes losses from AKOFS Offshore after the equity investment was reduced to zero in Q3 2025.
Consolidated financial figures
Please note that Akastor’s consolidated revenue and EBITDA include earnings from subsidiaries, which represent a minor portion of the company’s total Net Capital Employed. As a result, the most relevant indicator of Akastor’s value development is the financial performance of its largest investments, such as HMH, NES Fircroft, and AKOFS Offshore.
With this in mind, Akastor reported consolidated revenues of NOK 106 million and EBITDA of NOK 2 million. Net profit in the quarter was NOK 13 million.
Financial calendar
First Quarter Results 2026: April 29, 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 February 12, 2026, at 07:00 CET.
Attachments
Akastor ASA Q4 2025 Presentation