Akastor ASA: Third Quarter Results 2018


· Total revenues were NOK 955 million, compared to revenues of NOK 1 249 million the same quarter previous year (which included NOK 500 million from a settlement agreement).
· EBITDA was NOK 87 million, compared to EBITDA of NOK 80 million in Q3 2017 adjusted for several special items.
· Successful closing of the transaction selling 50% of the shares in AKOFS Offshore to form Joint Venture with Mitsui and MOL. Received proceeds of USD 142.5 million plus interest (from 1 January)
· Net interest-bearing debt position decreased by NOK 1 230 million to NOK 76 million driven by divestment of 50% of the shares in AKOFS Offshore
· Strong balance sheet, high financial capacity with liquidity reserve of NOK 1.6 billion
· Started process to refinance existing credit facility (maturing in July 2019). Expecting to sign new 3 years loan agreement for NOK 2.5 billion in the fourth quarter


NOK million

Q3 18

Q3 17
Operating revenue and other income 955 1 249
EBIT 41 (160)
CAPEX and R&D capitalization 68 30
NCOA 547 937
Net capital employed 4 771 7 749
Order intake 799 1 140
Order backlog 2 759 1 515
Net interest-bearing debt 76 2 330
Employees 1 790 2 043

Financial Calendar

Fourth Quarter Results 2018: February 13, 2019

Media Contact

Leif Borge
Chief Financial Officer
Tel: +47 917 86 291
E-mail: leif.borge@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.

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Akastor ASA via Globenewswire