Akastor ASA: Third Quarter Results 2021

Akastor CEO Karl Erik Kjelstad comments: Akastor CEOKarl Erik Kjelstadcomments: "A strategic milestone for Akastor was reached onOctober 1st  through the closing of the combination between MHWirth and Baker Hughes SDS and the creation of HMH. We strongly believe the formation of HMH will prove to be a powerful combination and create value for all stakeholders, including Akastor shareholders. We look very much forward to continuing the journey together with the HMH management and...

OSLO, Norway, 29/10/2021 (informazione.news - comunicati stampa - energia)

Akastor CEO Karl Erik Kjelstad comments:

MHWirth reported revenues of NOK 757 million in the quarter. EBITDA for the quarter was NOK 49 million , representing an EBITDA margin of 6.5 percent.

 revenues were NOK 535 million in the quarter, an increase of 5 percent compared to last year and in line with last quarter. Number of active rigs remained stable during the quarter, expected to increase over the short term based on current contract schedule of the fleet. Digital Technologies continued to record high activity in the quarter including the delivery of one full CADS system.

Revenues from decreased by one percent compared with last year, with continued low activity level driven by few ongoing full package projects. The activity level within Projects will increase going forward driven by the contract for the delivery of a drilling equipment package to GMGS with a total contract value of around USD 83 million included in MHWirth's order intake in the third quarter. The rig newbuilding market continues to be muted with relatively few projects expected to materialize in the short to medium term.

AKOFS reported revenues of NOK 333 million and EBITDA of NOK 98 million in the quarter.

Aker Wayfarer and Skandi Santos both delivered 100% revenue utilization in the quarter. AKOFS Seafarer also delivered solid uptime, with revenue utilization of 91%.

AKOFS Offshore is in final discussions with Petrobras regarding a new three-year contract for Skandi Santos. The discussions are expected to be concluded in the fourth quarter.

AGR delivered yet another solid quarter, driven by the Norwegian consultancy business. Cool Sorption delivered revenues in line with last quarter. Total revenue and EBITDA for the two companies were NOK 200 million and NOK 10 million , respectively.

Contributions from financial investments were negative NOK 20 million in the quarter. NES Fircroft contributed positively with NOK 24 million . The preferred equity in Odfjell Drilling contributed with NOK 1 million , negatively affected by non-cash negative valuation changes of NOK 24 million related to the warrant structure in the period. The joint venture, AKOFS Offshore, contributed negatively with NOK 46 million .

Fourth Quarter Results 2021: February 9 2022.

Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
E-mail: oyvind.paaske@akastor.com

This information was brought to you by Cision http://news.cision.com

The following files are available for download: