Kurs & Likviditet
Beskrivning
Land | Norge |
---|---|
Lista | OB Match |
Sektor | Råvaror |
Industri | Olja & gas |
2024-02-14 07:10:03
Fourth Quarter Highlights
· HMH delivered a record high adj. EBITDA of USD 44 million in the quarter.
With this, 2023 adj. EBITDA came in at USD 132 million, up 30% versus 2022
· HMH completed refinancing of its USD 150 million bond and USD 23 million
term loan with a new USD 200 million bond
· DDW Offshore delivered a solid operational result with an EBITDA of NOK 40
million, driven by full utilization and increased charter rates for the two
vessels in operation
· AKOFS Offshore delivered good utilization, with all vessels on contract
through the quarter
· Net capital employed of NOK 4.6 billion and equity of NOK 4.0 billion per
end of quarter, corresponding to NOK 14.5 per share
Akastor CEO Karl Erik Kjelstad comments:
"HMH delivered record high earnings in the fourth quarter, driven by a continued
steady increase in aftermarket activity. We remain optimistic about the future,
and believe the company continues to be uniquely positioned for further growth.
We were also pleased to see that the company completed its refinancing, a key
enabler for a potential future liquidity event for HMH. DDW Offshore also
delivered solid results in the fourth quarter and the market for this type of
anchor handlers remains strong, both in terms of charter rates and with regards
to asset values."
HMH
HMH reported revenues of USD 208 million in the quarter, with an adjusted EBITDA
of USD 44 million, corresponding to an EBITDA margin of 21 percent.
Revenues from Aftermarket Services were USD 157 million in the quarter, a 12%
increase compared to fourth quarter last year and up 7% quarter-on-quarter
driven by increase in spares output and Contractual Services Agreement activity.
Order intake within this segment was up 8% year-on-year and up 1% quarter-on
-quarter driven by Contractual Services Agreement activity orders, partly offset
by lower spares and SPS activity.
Revenues from Projects, Products & Other were USD 51 million in the quarter,
down 7% year-on-year and down 8% quarter-on-quarter driven by progress on
projects.
AKOFS Offshore
AKOFS Offshore reported revenues of USD 37 million and EBITDA of USD 13 million
in the quarter.
Through the fourth quarter, the three vessels AKOFS Seafarer, AKOFS Santos and
Aker Wayfarer all operated under their respective contracts through the full
period. AKOFS Seafarer delivered good operational performance for Equinor, with
a technical uptime above 96% and a revenue utilization of 91%, while AKOFS
Santos and Aker Wayfarer delivered revenue utilization of 90% and 96%
respectively.
DDW Offshore
DDW Offshore reported revenues of NOK 80 million and EBITDA of NOK 40 million in
the quarter, up from NOK 46 million and NOK 12 million respectively in the same
period last year. Revenue and EBITDA in period included around NOK 10 million of
positive one-off effects related to cost reimbursements from previous periods.
Utilization for both Skandi Atlantic and Skandi Emerald was 100 percent in the
quarter. Skandi Atlantic was on contract with Petrofac through the period. The
contract was further extended in the first quarter 2024, with Skandi Emerald to
replace Skandi Atlantic in March 2024 as Skandi Atlantic will undergo its class
renewal in Singapore. Skandi Emerald was on contract with Beach Energy through
the fourth quarter, until she demobilized early January this year. The vessel
will be working in the spot market out of Singapore until she will mobilize for
the Petrofac contract in March. Skandi Peregrino remained in lay-up until she
went to yard in Denmark in December 2023 to undergo its Special Periodic Survey.
The vessel is expected to be ready for market by end of the first quarter of
2024.
Financial holdings
Net financials were negative NOK 24 million in the quarter. The Odfjell Drilling
warrant structure contributed positively with NOK 45 million driven by an
updated valuation, while NES Fircroft contributed with NOK 10 million. Other
financial investments contributed positively with NOK 10 million. Net financial
items in period also include non-cash net foreign exchange loss of NOK 54
million.
Share of net profit from equity-accounted investees contributed negatively with
NOK 151 million. AKOFS Offshore contributed negatively with NOK 80 million,
whilst HMH contributed negatively with NOK 69 million, affected by one-off costs
related to the refinancing closed in the period as well as an impairment related
to estimated proceeds from liquidation of Step Oiltools. Other equity accounted
investees contributed negatively with NOK 2 million.
Consolidated financial figures
Please note that Akastor's consolidated revenue and EBTDA include earnings from
subsidiaries which represent a minor part of Akastor's total Net Capital
Employed. The most relevant proxy for value development of Akastor is therefore
the financial performance of each of the largest investments such as HMH, NES
Fircroft and AKOFS Offshore. With this in mind, consolidated revenue and EBITDA
of Akastor in the quarter was NOK 87 million and NOK 23 million, respectively.
Financial calendar
First Quarter Results 2024: April 25, 2024
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.