Akastor ASA: Second Quarter and Half Year Results 2022

Second Quarter Highlights

  • Net capital employed of NOK 5.6 billion and equity of NOK 4.3 billion, corresponding to NOK 15.7 per share
  • HMH delivered underlying growth in revenues and EBITDA quarter-on-quarter. Positive outlook driven by increased rig activity and continued strong level of service orders
  • AKOFS Offshore delivered good operational performance. Aker Wayfarer selected for a new four-year contract with expected commencement mid-2023, however with formal documentation remaining.
  • Net interest-bearing debt was NOK 1 329 million per end of period

Akastor CEO Karl Erik Kjelstad comments:

“We are glad to see that the positive momentum within oil services continued into the second quarter, demonstrated by increasing activity level across most of our portfolio companies. HMH increased its revenues and margin compared to the first quarter, and outlook into the second half remains strong. AKOFS Offshore delivered a good quarter, with Seafarer successfully completing the first monohull riser-based coiled tubing operation on the NCS. Going forward, Akastor will continue its key focus on realization of assets with the target of reducing debt and increasing liquidity.”

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.