Akastor ASA: Second Quarter and Half Year Results 2020

Second Quarter Highlights

  • Revenue of NOK 1 254 million in the quarter, down 4 percent compared with the same quarter previous year
  • Total EBITDA of NOK 70 million in quarter, negatively impacted by specific M&A cost of NOK 43 million
  • MHWirth EBITDA of NOK 110 million in quarter, driven by continued good activity within services and demonstrating robustness of business model
  • Net bank debt was NOK 1 595 million per end of second quarter, a decrease of NOK 42 million in the quarter
  • Net interest-bearing debt was NOK 1 488 million per end of second quarter, an increase of NOK 100 million in the quarter impacted by a conversion of receivables held towards AKOFS Offshore to equity
  • Order backlog was NOK 2.8 billion at the end of the quarter

Akastor CEO Karl Erik Kjelstad comments:

“We are happy to see that all of our industrial holdings delivered positive contribution in the second quarter despite challenging market conditions. MHWirth delivered solid financial performance driven by continued good contribution from services in the quarter, demonstrating the robustness of their business model. As the market conditions are still uncertain going forward, all portfolio companies are continuously taking concrete actions to mitigate impact by adjusting cost base to align with activity level. Key focus for Akastor in 2020 remains to safeguard operations and secure financial strength.”

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