· HMH delivered an adj. EBITDA of USD 35 million, the highest level since
…
Vis børsmeldingen
inception of the combined company in October 2021. EBITDA increased 25 % year
-over-year driven by continuing increase in aftermarket activity
· DDW Offshore completed sale of Skandi Saigon and Skandi Pacific to OceanPact
· DDW Offshore refinanced through a new USD 31 million facility to settle
existing loan and profit split arrangement, after which Akastor holds full
economic exposure to the DDW fleet
· Aker Wayfarer commenced its new contract with Petrobras in July, after which
all of the AKOFS Offshore vessels are on contract
· Net capital employed of NOK 4.8 billion and equity of NOK 4.1 billion per
end of quarter, corresponding to NOK 15.1 per share
Akastor CEO Karl Erik Kjelstad comments:
“We continue to be pleased with HMH’s financial performance and outlook remains
strong for the company going into next year. With the completion of the ERP
integration, we are now entering a new phase for HMH where we together with
management and our co-owner will focus more on exploring alternatives to make
our investment liquid, and believe the timing is good. In the third quarter, we
are also pleased with having completed the refinancing of DDW Offshore, giving
Akastor full economic exposure to the DDW fleet and more flexibility with
regards to realization.”
HMH
HMH reported revenues of USD 203 million in the quarter, with an adjusted EBITDA
of USD 35 million, corresponding to an EBITDA margin of approximately 17
percent.
Revenues from Aftermarket Services were USD 147 million in the quarter, a strong
38% increase compared to third quarter last year driven by improved order intake
in 2023, and up 7% quarter-on-quarter driven by increase in spares output
and overhaul and repair activity. Order intake within this segment in period was
up 39% year-on-year driven by spares and SPS orders and down 8% quarter-on
-quarter driven by prior quarter recertification spares orders not reoccurring.
Revenues from Projects, Products & Other were USD 56 million in the quarter, up
10% year-on-year and up 10% quarter-on-quarter driven by progress on the GMGS
project.
AKOFS Offshore
AKOFS Offshore reported revenues of USD 30 million and EBITDA of USD 6 million
in the quarter.
Through the third quarter, AKOFS Seafarer and AKOFS Santos were on contracts for
the full period, while Aker Wayfarer commenced its new contract late July. Aker
Wayfarer delivered a revenue utilization of 64% in the third quarter, while
AKOFS Santos delivered 87%.
AKOFS Seafarer was demobilized for coiled tubing operations and mobilized for
deepwater operations in the quarter after which the vessel returned to
operations. With this, AKOFS Seafarer ended the quarter with a revenue
utilization of 78%, affected by the yard stay.
DDW Offshore
DDW Offshore reported revenues of NOK 53 million and EBITDA of NOK 18 million in
the quarter, up from NOK 35 million and NOK 5 million respectively in the third
quarter last year.
During the quarter, DDW Offshore delivered the two vessels previously on
bareboat contract with OceanPact Servicos Maritimos S.A to the client following
the forward sale agreement entered into in March 2021. As part of this, cash
proceeds of USD 9 million per vessel were received, of which 50% was used to
settle the profit split with the banks following the restructuring agreement
entered into in 2020.
In September, DDW Offshore completed a USD 31 million refinancing provided by
EnTrust Global’s Blue Ocean Funds as lenders. The new loan agreement matures in
September 2026 and is guaranteed by Akastor. The net proceeds from the
refinancing has/will be used to settle the existing loan facility originally
maturing in February 2024, settle the profit split arrangement for the two
vessels Skandi Atlantic and Skandi Emerald and to finance reactivation of Skandi
Peregrino which is currently in warm lay-up.
Per end of the third quarter, DDW Offshore owns and holds full economic interest
in three offshore AHTS vessels. In the third quarter, average utilization for
the fleet was 65 percent. Skandi Atlantic was on contract with Petrofac through
the quarter and delivered continued good operations for the client. The contract
was extended and currently ends in February 2024. Skandi Emerald was on a new
contract with Helix Energy Solutions until mid-August 2023, after which it went
on contract with Beach Energy with an estimated maturity in December 2023.
Skandi Peregrino remained in warm lay-up in Norway through the quarter. Going
forward, DDW Offshore will continue its focus on optimizing utilization for its
fleet.
Financial holdings
Net financials were negative NOK 49 million in the quarter. The Odfjell Drilling
warrant structure contributed positively with NOK 5 million, while NES Fircroft
contributed with NOK 24 million. Other financial investments contributed
negatively with NOK 8 million. Net financial items in period also include non
-cash net foreign exchange loss of NOK 18 million.
Share of net profit from equity accounted investees contributed negatively with
NOK 39 million. AKOFS Offshore contributed negatively with NOK 74 million,
whilst HMH contributed positively with NOK 40 million. Other equity accounted
investees contributed negatively with NOK 5 million.
Consolidated financial figures
Please note that Akastor’s consolidated revenue and EBTDA include earnings from
subsidiaries which represent a minor part of Akastor’s total Net Capital
Employed. The most relevant proxy for value development of Akastor is therefore
the financial performance of each of the largest investments such as HMH, NES
Fircroft and AKOFS Offshore. With this in mind, group revenue and EBITDA of
Akastor was NOK 62 million and NOK -4 million, respectively.
Financial calendar
Fourth Quarter Results 2023: February 14, 2024
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.
Kilde
