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OSLO, Norway, Feb. 9, 2022 /PRNewswire/ — Fourth Quarter Highlights
Akastor CEO Karl Erik Kjelstad comments:
“The most important event for Akastor in the quarter was the closing of the combination of MHWirth and Baker Hughes SDS into HMH, which enabled refinancing and a significant reduction of Akastor’s corporate debt. Given the market backdrop, we believe the timing is excellent for creating a premier global drilling solutions provider, and we are happy to see HMH delivering strong earnings. HMH also secured an order intake that demonstrates the revenue synergies.”
“The quarter also brought an important milestone for AKOFS Offshore, securing a new three-year contract with Petrobras”, Kjelstad added.
HMH
The combination of MHWirth and Baker Hughes’ Subsea Drilling Systems (SDS) business to create HMH was closed on October 1, 2021. The company reported adjusted revenues of USD 168 million in the quarter, with adjusted EBITDA of USD 31 million, corresponding to an EBITDA margin of approximately 18.5 percent.
Revenues from After Market Services were USD 108 million in the quarter, in line with the previous quarter. Short term contracts for rigs continue to affect order intake, although HMH is well positioned to benefit from an expected pick-up in rig reactivation activity in 2022.
Revenues from Projects, Products & Other were USD 58 million in the fourth quarter, an increase of around 66 percent compared with the previous quarter, driven by recent order intake of full package projects. Recent order intake will further increase the activity level within Projects going forward, including the USD 78 million contract for delivery of subsea equipment package to GMGS entered in the fourth quarter. This contract is the first joint commercial win in HMH and constitutes a concrete example of revenue synergy potential. 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 USD 37 million and EBITDA of USD 7 million in the quarter.
The company in the fourth quarter signed a firm three-year contract with Petróleo Brasileiro S.A. (Petrobras) for Skandi Santos which will perform a broad scope of subsea services in Brazil
All vessels delivered high revenue utilization in the quarter, with Aker Wayfarer recording 99% and Skandi Santos and AKOFS Seafarer both delivering 91% revenue utilization. Skandi Santos went off contract with Petrobras late December, while AKOFS Seafarer was affected by challenging weather conditions in certain periods.
Other industrial holdings
AGR delivered yet another solid quarter with NOK 190 million in revenues, driven by the Norwegian consultancy business. EBITDA of NOK 4 million was however negatively affected by a non-recurring effect of NOK 11 million related to the sale of its UK well management business. Cool Sorption delivered revenues of NOK 24 million, in line with last quarter, but with a higher EBITDA of NOK 5 million driven by higher service contribution.
Financial holdings
Contributions from financial investments were negative NOK 187 million in the quarter. NES Fircroft contributed positively with NOK 21 million. The preferred equity in Odfjell Drilling contributed with NOK 19 million, negatively affected by non-cash valuation changes of NOK 6 million related to the warrant structure in the period. The joint venture AKOFS Offshore contributed negatively with NOK 229 million. This included non-cash impairment effects of NOK 156 million.
Consolidated financial figures
Group revenue and EBITDA of Akastor was NOK 247 million and negative NOK 15 million respectively. Consolidated financials do not include earnings of JV holdings and thus represent a minor part of total Net Capital Employed. Net income was NOK 1.2 billion in the fourth quarter, including financial effects of the HMH transaction.
Financial calendar
Annual Report 2021: March 30, 2022
First Quarter Results 2022: April 28, 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.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
https://mb.cision.com/Public/18618/3501575/a0299bab8cdc4de9.pdf |
Akastor ASA 4Q21 presentation |
SOURCE Akastor ASA
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