Akastor ASA: First Quarter Results 2024
FORNEBU,
First Quarter Highlights
- HMH delivered an EBITDA (adj.) of
USD 33 million in quarter, about 75% 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 ofNOK 599 million in 1Q. In addition, compensation for interest has been calculated to aboutUSD 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 ofNOK 4.7 billion per end of quarter, corresponding toNOK 17.2 per share, up fromNOK 14.6 per share per end of last quarter.
"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
HMH
HMH reported revenues of
Revenues from Aftermarket Services were
Revenues from Projects, Products & Other were
AKOFS Offshore
AKOFS Offshore reported revenues of
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
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
Financial holdings
Net financials were positive
Share of net profit from equity-accounted investees contributed negatively with
Consolidated financial figures
Please note that
The accounting gain of
Financial calendar
Second Quarter and Half-Yearly Results 2024:
Media Contact
Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
E-mail: oyvind.paaske@akastor.com
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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