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increase year-over-year driven by higher aftermarket activity
· NES Fircroft delivered 17% increase in EBITDA and 12% revenue growth year-on
-year
· DRU arbitration award received in April, with about USD 108 million awarded
as payment of termination fees and reimbursement of costs, resulting in a
positive accounting effect of NOK 599 million in 1Q. In addition, compensation
for interest has been calculated to about USD 65 million, which will be
accounted for in 2Q.
· Net capital employed increased with 0.9 billion in quarter to NOK 5.5
billion. Equity of NOK 4.7 billion per end of quarter, corresponding to NOK 17.2
per share, up from NOK 14.6 per share per end of last quarter.
Akastor CEO Karl Erik Kjelstad comments:
“First and foremost, we are pleased to have received the DRU award, resulting in
positive accounting effects and a substantial increase in net capital employed
this quarter. The award marks a significant milestone for Akastor and is
advancing our efforts towards refinancing our existing corporate facilities.
Also, HMH continues to deliver solid earnings driven by high aftermarket
activity which, together with a robust order intake, positions the company for
sustained growth moving ahead.”
HMH
HMH reported revenues of USD 193 million in the quarter, with an adjusted EBITDA
of USD 33 million, corresponding to an EBITDA margin of 17 percent.
Revenues from Aftermarket Services were USD 146 million in the quarter, a 19%
increase compared to first quarter last year and down 7% quarter-on-quarter
driven by lower spares output. Order intake within this segment was down 8% year
-on-year driven by timing of spare and repair orders related to reactivation
projects and up 2% quarter-on-quarter.
Revenues from Projects, Products & Other were USD 47 million in the quarter,
down 24% year-on-year and down 8% quarter-on-quarter driven by progress on
projects.
AKOFS Offshore
AKOFS Offshore reported revenues of USD 32 million and EBITDA of USD 9 million
in the quarter.
Through the first quarter, the three vessels AKOFS Seafarer, AKOFS Santos and
Aker Wayfarer all operated under their respective contracts through the full
period. AKOFS Seafarer delivered a technical uptime of 82%, affected by around
15 days of downtime in connection with damage on a wire. Aker Wayfarer delivered
revenue utilization of 96%, while AKOFS Santos delivered revenue utilization of
59% in period, affected by certain incidents.
DDW Offshore
DDW Offshore reported revenues of NOK 39 million and EBITDA of NOK -8 million in
the quarter, down from NOK 46 million and NOK 13 million respectively in the
same period last year. Revenue and EBITDA in period was affected by lower
utilization than previous periods, with only one vessel on contract through the
period.
During the first quarter, Skandi Emerald ended its contract with Beach Energy in
January, after which it replaced Skandi Atlantic on the Petrofac contract in
March, as Skandi Atlantic went to yard in Singapore to undergo its 5-year
Special Periodic Survey. Skandi Atlantic was on contract with Petrofac until
March and is currently at yard. The vessel was awarded a 70-day contract to
commence June 1, 2024 to support drilling operations in Australia for a major
oil and gas operator. This contract includes options for additional 110 days.
Skandi Peregrino remained at yard in Denmark through the full quarter for its 5
-year Special Periodic Survey and re-activation after close to 4 years in lay
-up. The vessel is expected to be ready for market in 2Q.
Financial holdings
Net financials were positive NOK 48 million in the quarter, which included a non
-cash net foreign exchange gain of NOK 96 million. Other financial investments
contributed negatively with NOK 14 million while net interest expenses on
borrowings was NOK 33 million.
Share of net profit from equity-accounted investees contributed negatively with
NOK 21 million. AKOFS Offshore contributed negatively with NOK 76 million,
whilst HMH contributed positively with NOK 57 million including certain positive
adjustments related to previous periods.
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.
The accounting gain of NOK 599 million related to the DRU arbitration award of
termination fees and cost reimbursement is recognized as “Other Income” in the
quarter. With this, consolidated revenue and EBITDA of Akastor in the first
quarter was NOK 642 million and NOK 573 million, respectively. Net profit in the
first quarter was NOK 593 million.
Financial calendar
Second Quarter and Half-Yearly Results 2024: July 11, 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.
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