Akastor ASA: Second Quarter and Half Year Results 2023

Second Quarter Highlights

  • Net capital employed of NOK 4.8 billion and equity of NOK 4.3 billion, corresponding to NOK 15.7 per share
  • Odfjell Drilling USD 20 million seller’s credit fully settled in second quarter, with proceeds reducing net bank debt
  • HMH delivered increased EBITDA year-over-year and quarter-over-quarter following increased service activity and continue to deliver growth in order intake for the fifth consecutive quarter
  • Sale of AGR to ABL Group against a combination of ABL shares and cash completed in quarter

Akastor CEO Karl Erik Kjelstad comments:

“We are pleased to see HMH's robust performance in the quarter with growth in both revenues and earnings, driven by continued increasing aftermarket activity. Furthermore, order intake grew for the fifth consecutive quarter, establishing a solid foundation for growth also going forward. Akastor's primary focus remains on realizing its holdings and we are very pleased by having received full settlement of our seller’s credit towards Odfjell Drilling in the quarter, with proceeds having reduced net bank debt. Looking ahead, we are actively pursuing further realizations and anticipate a resolution to the DRU arbitration in the latter half of 2023.”

The full report and presentation are attached to this release and also available at www.akastor.com.

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.