First Quarter Highlights
Akastor announced the agreement to create a joint venture between MHWirth and Baker Hughes Subsea Drilling Systems business, forming a global full-service offshore drilling equipment provider. As part of the transaction, Akastor has secured commitment to refinance its current corporate bank facility.
Following this agreement, MHWirth is classified as held for sale per first quarter and presented as discontinued operations in Akastor s consolidated income statement.
DDW Offshore entered into bareboat charter agreements for two vessels. The agreements include sale of the vessels in 2023.
Net interest-bearing debt of NOK 1.6 billion per end of quarter
Akastor CEO Karl Erik Kjelstad comments:
Akastor ASA: First Quarter Results 2021
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Akastor ASA: First Quarter Results 2021
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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