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Akastor ASA: Fourth Quarter Results 2020
Fourth Quarter Highlights
Total EBITDA of NOK 57 million
Net cash flow from operating activities of NOK 467 million, driven by reduction of net working capital
Net interest-bearing debt of NOK 1.4 billion, including NOK 426 million of net bank debt in DDW Offshore (consolidated into Akastor from 4Q)
Order backlog of NOK 2.4 billion per end of quarter
MHWirth received notification of award of a contract for delivery of a drilling equipment package to Guangzhou Marine Geological Survey (GMGS)
Akastor CEO Karl Erik Kjelstad comments: We are pleased with our fourth quarter financial results which included a strong operational cash flow and solid EBITDA margin in MHWirth, despite continued challenges brought on by the global pandemic. 2020 has been strongly affected by COVID-19 and following turmoil in the oil markets, however our portfolio companies have demonstrated robust business models through the year. We expect the markets to remain
Akastor ASA: MHWirth awarded drilling equipment package for drillship
OSLO, Norway, Dec. 19, 2020 /PRNewswire/ HWirth AS, a company owned by Akastor ASA (OSE: AKAST), has today received notification of award of a contract for delivery of a drilling equipment package to Guangzhou Marine Geological Survey (GMGS). The contract is for delivery of the topside drilling equipment to be installed onboard a drillship operated by GMGS with expected delivery date in December 2023.
Total contract value is about USD 80 million. MHWirth will now engage with the client to conclude the final contract terms. Signing of final contract is expected to take place in Q1 2021.