Akastor ASA announces results

Key events 4Q 2014

• Setting strategic direction for our portfolio companies
• Realised shares in properties in Stavanger and Oslo, with a total gain of NOK 109 million
• Top line revenue growth of 5%
• Recurring EBITDA of NOK 439 million, with a margin of 8%
• Net profit impacted by one-off items of NOK - 552 million
• Order backlog increased to NOK 22 billion. Order intake of NOK 5.2 billion
• MHWirth: Challenging market, backlog of NOK 9.6 billion
• AKOFS Offshore: Skandi Santos with strong operations in Brazil
• Will initiate significant cost reduction activities first half 2015

Akastor ASA (Akastor) has operated as an oilfield services investment company since September 2014, following the split of Aker Solutions ASA into two separate companies. Akastor has a flexible mandate to maximize long-term shareholder value. ??

The recurring 4Q EBITDA result was NOK 439 million. The 4Q EBITDA result, including non-recurring items of NOK 177 million, was NOK 262 million. Akastor is operating in markets exposed to the recent significant fall in oil price. The negative impact of NOK 177 million on the EBITDA result in the fourth quarter was caused by a number of non-recurring items, primarily consisting of cost provisions related to the onerous office leases, the MMO personnel transfer agreement and an income from sale of shares in property projects in Stavanger and Oslo.

Depreciation, amortisation and impairments of NOK 365 million, and net financial items of NOK -396 million, were also impacted by several items of non-recurring nature. The net result for the period was NOK -475 million. The net financial position is strong, with equity of 9.4 billion, and net interest bearing debt of NOK 3.6 billion, including the financial lease related to Aker Wayfarer.

Adapted from press release by Joe Green

Read the article online at: https://www.oilfieldtechnology.com/exploration/10022015/akastor-asa-announces-results-406/