Vis børsmeldingen
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.
Kilde
