FORNEBU, Norway, Feb. 15, 2023 /PRNewswire/ --
Fourth Quarter Highlights
- Net interest-bearing debt reduced by approximately NOK 900 million through the quarter, driven by
the sale of the preference shares held in Odfjell Drilling
- HMH delivered another strong quarter with strong growth in
revenues year-on-year as well as quarter-on-quarter, driven by high
service activity. Solid 2023 outlook driven by continued increasing
rig activity
- Agreement to sell Cool Sorption entered into in the quarter,
with closing expected to take place in the first quarter of
2023
- Net capital employed of NOK 4.6
billion and equity of NOK 4.1
billion per year-end, corresponding to NOK 14.9 per share
Akastor CEO Karl Erik Kjelstad
comments:
"During the fourth quarter, we realized our preference share
holding in Odfjell Drilling which was in line with our strategy and
an important step to further strengthen our balance sheet. We are
targeting further realizations within 2023 and remain optimistic
that markets will continue to be constructive. In the quarter, we
were particularly pleased to see continued growth in HMH, which
remains our most valuable investment. The outlook for the rig
market going into 2023 is positive, and we continue to believe that
HMH has a unique position and will continue to demonstrate growth
also going forward."
HMH
HMH reported revenues of USD 196
million in the quarter, with an adjusted EBITDA of
USD 29 million, corresponding to an
EBITDA margin of approximately 15 percent.
Revenues from Aftermarket Services were USD 140 million in the quarter, a strong increase
compared to previous quarter. Order intake within this segment in
period also increased significantly compared to last quarter,
partly driven by the ERP implementation in the third quarter which
pushed bookings.
Revenues from Projects, Products & Other were
USD 55 million in the fourth quarter,
in line with previous quarter and last year. Order intake within
this segment was somewhat lower than last quarter, but
significantly up compared to last year driven by single equipment
orders. HMH continues to see significant single equipment
opportunities in MENAT going forward. The rig newbuilding market
continues to be muted with few projects expected to materialize in
the short to medium term.
AKOFS Offshore
AKOFS Offshore reported revenues of USD
36 million and EBITDA of USD 13
million in the quarter.
AKOFS Offshore delivered solid operational performance on the
two vessels in operations through Q4, Aker Wayfarer and AKOFS
Seafarer. AKOFS Santos went to yard in July last year, in order to
prepare for the new three-year contract which was expected to
commence in December 2022. However,
as AKOFS experienced certain issues related to deliveries from a
sub-supplier which caused a delay, commencement is now expected in
Q1 2023.
Other industrial holdings
AGR delivered yet another solid quarter with NOK 204 million in revenues and EBITDA of
NOK 17 million. The activity
continues to be driven by the Norwegian consultancy business. Cool
Sorption delivered revenues of NOK 22
million and EBITDA of NOK 1
million.
Financial holdings
Contributions from financial investments were negative
NOK 105 million in the quarter. NES
Fircroft contributed negatively with NOK 144
million, of which NOK 120
million related to valuation changes from previous periods
which were reclassified from equity to P&L in the quarter (no
effect on total equity in the fourth quarter). Odfjell Drilling
contributed positively with NOK 22
million. The joint venture AKOFS Offshore contributed
negatively with NOK 15 million,
whilst HMH contributed positively with NOK
36 million.
Consolidated financial figures
Group revenue and EBITDA of Akastor was NOK 283 million and NOK 3
million, respectively. Consolidated revenue and EBTDA
include earnings from subsidiaries which represent a minor part of
Akastor's total Net Capital Employed.
Financial calendar
First Quarter Results 2023: April 27,
2023
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.
The following files are available for download:
https://mb.cision.com/Public/18618/3715069/95399411344127da.pdf
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Akastor ASA Q4 2022
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