Akastor ASA: Second Quarter and Half Year Results 2024

11 Jul 2024 07:00 CEST

Second Quarter Highlights

· DRU arbitration concluded, with USD 176 million received in cash and an
accounting gain of NOK 748 million in the second quarter
· Net interest-bearing debt reduced by NOK 1.6 billion in the quarter, with
net interest-bearing items in a net cash position of NOK 831 million per end of
June 2024
· Corporate bank facility amended and extended to June 2026. The facility,
with a size of USD 30 million, was not drawn per end of period
· Approximately 3 million shares received in Odfjell Drilling in period
pursuant to a warrant agreement
· HMH continues to deliver strong financials, with an LTM EBITDA (adj.) of USD
153 million per end of the second quarter, up 39% compared to last year
· HMH filed a confidential draft registration for a potential US IPO which may
occur in the second half of 2024, pending market conditions
· Equity of NOK 5.5 billion per end of period, corresponding to NOK 20.2 per
share, increased from NOK 17.2 per share per end of the first quarter driven by
final DRU settlement

Akastor CEO Karl Erik Kjelstad comments:

"We were very pleased to see the DRU arbitration come to a final conclusion in
the second quarter. The award was a significant milestone, enabling us to
eliminate all corporate debt and place Akastor in a net cash position.  Proceeds
received from DRU has enhanced our financial flexibility and better positions
Akastor for future distributions to shareholders. We were also excited about HMH
filing for a potential US IPO. Despite no guarantee that a listing will be
conducted, the filing is an important step for Akastor towards obtaining market
pricing of HMH as well as making our holding more liquid."

The second quarter presentation and half year report are attached to this
release and also available at www.akastor.com.

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.

More information:
Access the news on Oslo Bors NewsWeb site

623405_Akastor_ASA_Q2_2024_presentation.pdf
623405_Akastor_ASA_Half_Year_Report_2024.pdf