OSLO, Norway, April 29, 2021 /PRNewswire/ --
First Quarter Highlights
- Akastor announced the agreement to create a joint venture
between MHWirth and Baker Hughes' Subsea Drilling Systems business,
forming a global full-service offshore drilling equipment provider.
As part of the transaction, Akastor has secured commitment to
refinance its current corporate bank facility.
- Following this agreement, MHWirth is classified as held for
sale per first quarter and presented as discontinued operations in
Akastor's consolidated income statement.
- DDW Offshore entered into bareboat charter agreements for two
vessels. The agreements include sale of the vessels in 2023.
- Net interest-bearing debt of NOK 1.6
billion per end of quarter
Akastor CEO Karl Erik Kjelstad
comments:
"In the first quarter, we were first of all pleased to
announce the strategically important agreement with Baker Hughes to
establish a joint venture between their Subsea Drilling Systems
business and MHWirth, which we believe will create good value for
our shareholders. As part of the transaction, we were able to
secure refinancing of the Akastor group bank facility which will
provide financial flexibility for Akastor going forward. Over the
coming quarters, we will focus strongly on securing a successful
integration to ensure that the JV is fully operational as a
combined company after closing and ready for a stand-alone listing
at the right point of time. Also, it was an important achievement
for DDW Offshore to secure bareboat contracts including sale
agreements for two vessels during the quarter, providing the
company positive cash flow from operations and securing exit
values."
MHWirth
MHWirth reported revenues of NOK 591
million in the quarter. EBITDA for the quarter was
NOK 12 million, representing an
EBITDA margin of 2 percent.
Drilling Lifecycle Services & Digital
Technologies revenues were NOK 447
million in the quarter, a decrease of 28 percent compared to
last year. Number of active rigs remained stable during the
quarter, with potential for further increase over the next quarters
based on current contract schedule of the fleet. Despite lower
activity in the first quarter driven by lower spare part sale
following a very strong 2020, the DLS business continues to create
a solid basis for MHWirth with good medium to long term growth
opportunities through increased utilization of fleet. Digital
Technologies had high activity in the quarter including the
delivery of one full CADS system.
Revenues from Projects & Products decreased 73
percent compared with last year, driven by few ongoing projects and
low backlog within this segment per start of quarter. Despite
several good leads, especially within single equipment for the
non-oil market, backlog situation still causes uncertainty related
to performance in the near to medium term.
AKOFS Offshore
AKOFS reported revenues of NOK 269
million and EBITDA of NOK 42
million in the quarter.
Revenue utilization for Aker Wayfarer was affected by a
scheduled five-year SPS completed in the quarter, resulting in 35
days of off-hire. Skandi Santos delivered 100% revenue utilization
in the quarter. AKOFS Seafarer contributed positively, with
technical uptime above 90%, however with a certain reduction in
revenue utilization due to harsh weather conditions.
Other industrial holdings
AGR delivered good growth and increased margins in the quarter,
fuelled by the Norwegian consultancy business. Cool Sorption had
low project activity, affecting financial results. Total revenue
and EBITDA for the two companies were NOK
188 million and NOK 8 million,
respectively.
Financial holdings
Contributions from financial investments were negative
NOK 2 million in the quarter. NES
Global Talent and the preferred equity in Odfjell Drilling
contributed positively with NOK 23
million and NOK 33 million,
respectively. The joint venture, AKOFS Offshore, contributed
negatively with NOK 58 million.
Financial calendar
Second Quarter and Half-Yearly Results 2021: July 15, 2021
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.
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Akastor ASA Q1 2021
presentation
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