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supported by full realization of holding in Odfjell Drilling and aligned
with strategy to return excess capital to shareholders.
- HMH revenues improved quarter-on-quarter and margins strengthened, with
adjusted EBITDA of USD 42 million and a 19% margin.
- AKOFS Offshore maintained high revenue utilization on Aker Wayfarer and
AKOFS Santos, while successfully completing the five-year Class Renewal
Survey (CRS) for AKOFS Seafarer.
- In October, AKOFS Santos was formally awarded a four-year MPSV contract with
Petrobras, commencing January 2027.
- Net capital employed decreased by NOK 0.2 billion during the quarter, to NOK
4.4 billion, primarily driven by the realization of Odfjell Drilling. Equity
stood at NOK 5.4 billion at quarter-end, corresponding to NOK 19.8 per
share.
Akastor CEO Karl Erik Kjelstad comments:
“We are pleased to announce a dividend of NOK 0.40 per share for the third
quarter —our second distribution this year, following the successful
realization of our holding in Odfjell Drilling. This marks another important
step in our strategy to return excess capital to shareholders and demonstrates
our commitment to disciplined capital allocation. HMH continues to show
resilience, with revenues and margins improving quarter-on-quarter despite a
softer rig market. The ability to maintain a robust EBITDA margin highlights
the quality of the business and its capacity to deliver solid results in a
challenging environment.”
HMH
HMH reported revenues of USD 217 million in the quarter, with an adjusted
EBITDA of USD 42 million, corresponding to an adjusted EBITDA margin of 19.3
percent.
Revenues from Aftermarket Services were USD 105 million in the quarter, up 26%
year-on-year and up 14% quarter-on-quarter driven by contract services. Order
intake within this segment was USD 99 million, up 42% year-on-year, mainly
driven by contract services, partly offset by lower field services and repair
activity. Quarter-on-quarter, intake increased 25%, supported by digital
technology orders and contract services, with some offset from field services
and repair activity.
Revenues from Spares were USD 58 million in the quarter, down 6% year-on-year
driven by softer global offshore activity and up 12% quarter-on-quarter driven
by a slight rebound of topside spares volume compared with prior quarter.
Order intake for 3Q 2025 was USD 56 million, down 18% year-on-year and down
13% quarter-on-quarter, driven by lower offshore spares order volume,
partially offset by an increase in international land spares activity.
Revenues from Projects, Products & Other were USD 54 million, down 16%
year-on-year driven by lower product volume and down 8% quarter-on-quarter
driven by decrease in projects partially offset by increasing product volume.
AKOFS Offshore
AKOFS Offshore reported revenues of USD 28 million and EBITDA of USD 3 million
for the quarter.
All three vessels—AKOFS Seafarer, AKOFS Santos, and Aker Wayfarer—operated
under their respective contracts throughout the period. Aker Wayfarer and
AKOFS Santos delivered revenue utilization of 97% and 94%, respectively. AKOFS
Seafarer achieved a revenue utilization of 49%, reflecting 45 days off-hire
for its five-year Class Renewal Survey (CRS), which was completed on time and
within budget.
In October, AKOFS Santos was formally awarded a new four-year MPSV contract
with Petrobras, expected to commence in January 2027. The total contract value
is USD 246 million, with approximately USD 140 million attributable to AKOFS.
An agreement was reached with MOL during the quarter to restructure AKOFS
Santos’ debt, aligning ownership interests across all shareholder loans and
equity in AKOFS Offshore, including the Avium Subsea junior note, in which
Akastor currently holds a 33% interest. As part of this process, the Santos
senior debt will be extended to Q1 2027, with a commitment from an external
bank in place. The formal restructuring agreements are expected to be executed
in the fourth quarter of this year or the first quarter of next year.
DDW Offshore
DDW Offshore reported revenues of NOK 128 million and EBITDA of NOK 43 million
for the quarter, up from NOK 97 million and NOK 40 million, respectively, in
the same period last year. EBITDA in Q3 was impacted by certain non-recurring
vessel costs.
All vessels remained on contract in Australia throughout the third quarter,
delivering 100% revenue utilization. Skandi Atlantic and Skandi Peregrino
continued on their contracts with a major international oil company, which run
until January and March 2026, respectively, and each includes a total of 24
months of extension options. Skandi Emerald’s contract with Petrofac ended in
late October 2025. The vessel has since demobilized to Singapore and is
currently on a short-term fixed contract through mid-November, after which it
will operate in the spot market ahead of its scheduled SPS early next year.
Financial holdings
Net financials were positive NOK 38 million in the quarter, driven by positive
contribution from our financial holdings, partly mitigated by a non-cash net
foreign exchange loss of NOK 23 million.
Share of net profit from equity-accounted investments contributed negatively
with NOK 0 million. HMH contributed positively with NOK 81 million, whilst
AKOFS Offshore contributed negatively with NOK 81 million.
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’s consolidated revenue and EBITDA for the quarter
were NOK 130 million and NOK 27 million, respectively. Net profit in the third
quarter was NOK 57 million.
Financial calendar
Fourth Quarter Results 2025: February 12, 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 October 30, 2025, at 07:00 CET.
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