OSLO, Norway, Oct. 29, 2021 /PRNewswire/ --
Third Quarter Highlights
- Revenue from continuing operations of NOK 229 million in the quarter (excl.
MHWirth)
- EBITDA from continuing operations of negative NOK 10 million in the quarter (excl.
MHWirth)
- MHWirth revenue and EBITDA of NOK 757
million and NOK 49 million
respectively in the quarter
- Total order intake of NOK 1 576
million in the quarter (incl. MHWirth), including one full drilling
equipment package to Guangzhou Marine Geological Survey (GMGS)
secured by MHWirth
- Net interest-bearing debt was NOK
1 815 million per end of the quarter, an increase of
NOK 142 million in the quarter
- Subsequent event: The combination of MHWirth and Baker
Hughes' Subsea Drilling Systems (SDS) business closed on
October 1st 2021. The
closing of the transaction will be reflected in the fourth quarter
financials for 2021. Simultaneously with the completion of the
transaction, Akastor completed the refinancing of its existing
corporate credit facilities.
Akastor CEO Karl Erik Kjelstad
comments:
"A strategic milestone for Akastor was reached on
October 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 will stay hands-on as owners in HMH together with our
co-shareholder Baker Hughes. Also, the formal award of the
strategically important contract with CMGS took place in the third
quarter clearly demonstrating HMH's solid market position within
topside drilling equipment."
MHWirth
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.
Drilling Lifecycle Services & Digital
Technologies 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 Projects & Products 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 Offshore
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.
Other industrial holdings
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.
Financial holdings
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.
Financial calendar
Fourth Quarter Results 2021: February
9th 2022.
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 3Q 2021
presentation
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