First Quarter Highlights

  · Agreement with ABL Group re. sale of all shares in AGR against a combination
of shares in ABL and cash entered into in the quarter
  · Strong order intake in HMH in period with 20% growth year-on-year driven by
Aftermarket Services, including strategic orders for digital technology upgrades
and equipment overhauls
  · Net capital employed of NOK 4.7 billion and equity of NOK 4.2 billion per
end of quarter, corresponding to NOK 15.3 per share

Akastor CEO Karl Erik Kjelstad comments:

"During the first quarter, we were particularly pleased to announce the
agreement to sell AGR to ABL Group. The transaction creates a stronger company
and provides Akastor with more flexibility and increased liquidity as
shareholders in ABL. HMH delivered good growth year-on-year for both revenue and
EBITDA, and a solid service order intake driven by rig upgrade projects. We
remain optimistic that service activity will further increase going forward
based on the current order backlog and continued positive rig market
development."

HMH
HMH reported revenues of USD 186 million in the quarter, with an adjusted EBITDA
of USD 19 million, corresponding to an EBITDA margin of approximately 10
percent.

Revenues from Aftermarket Services were USD 123 million in the quarter, a strong
increase compared to first quarter last year driven by improved order intake in
2022. Revenues down 12% quarter-on-quarter due to increase build up in previous
period due to ERP implementation and non-recurring performance bonus received in
4Q 2022. Order intake within this segment in period was up 25% year-on-year and
up 20% quarter-on-quarter driven by increased rig year activity and upside for
upgrade orders.

Revenues from Projects, Products & Other were USD 62 million in the first
quarter, Revenue up 38% year-on-year and up 13% quarter-on-quarter driven by
GMGS project and Middle East jack-up and North America land activity. HMH
continues to see significant single equipment opportunities in MENAT going
forward. The rig newbuilding market continues to be muted with few projects
expected to materialize in the short to medium term.

AKOFS Offshore

AKOFS Offshore reported revenues of USD 36 million and EBITDA of USD 11 million
in the quarter.

AKOFS Offshore delivered solid operational performance on the two vessels in
operations through the full quarter, Aker Wayfarer and AKOFS Seafarer, with
revenue utilization of 99 and 87 percent respectively. AKOFS Seafarer
utilization was affected by waiting on weather, with technical uptime of 97
percent. AKOFS Santos commenced its new contract on March 10[th] after some
delay related to a sub-supplier, which affected revenue utilization in the
quarter.

Other industrial holdings

As a result of the agreement with ABL Group regarding the sale of AGR, AGR was
presented as discontinued operations and held for sale and thus not included in
consolidated revenue and EBITDA in the period.

Financial holdings

Net financials were positive NOK 87 million in the quarter. Odfjell Drilling
contributed positively with NOK 11 million, while NES Fircroft contributed with
NOK 21 million. Net financial items also include non-cash net foreign exchange
gain of NOK 69 million.

Share of net profit from equity accounted investees, AKOFS Offshore and HMH,
contributed negatively with NOK 94 million. AKOFS Offshore contributed
negatively with NOK 59 million, whilst HMH contributed negatively with NOK 35
million.

Consolidated financial figures

Group revenue and EBITDA of Akastor was NOK 68 million and NOK -17 million,
respectively. Consolidated revenue and EBTDA include earnings from subsidiaries
which represent a minor part of Akastor's total Net Capital Employed.

Financial calendar

Second Quarter and Half-Yearly Results 2023: July 13, 2023

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.