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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F
“F” is used in most instances when variance is above 100%. Additionally, “U” is used in most instances when variance is below (100)%.
“We are pleased with our first quarter results as we generated strong free cash flow, continued to drive forward our cost-out efforts, and took further meaningful steps in the execution of our strategy. During the quarter, TPS delivered solid orders and operating income while OFS continued to execute cost-out programs to help drive another strong quarter of margin performance. We also advanced our position in the energy transition, investing in strategic areas for growth and entering important partnerships to advance new energy frontiers including hydrogen and carbon capture, utilization and storage. I want to thank our employees for their continued hard work and commitment to safety,” said Lorenzo Simonelli, Baker Hughes chairman and chief executive officer.
Baker Hughes Co. (BKR) Q1 2021 Earnings Call Transcript Motley Fool Transcribers © The Motley Fool Logo of jester cap with thought bubble.
Baker Hughes Co. (NYSE: BKR)
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Operator
Good day, ladies and gentlemen, and welcome to the Baker Hughes Company First Quarter 2021 Earnings Call. [Operator Instructions]. I would now like to introduce your host for today s conference, Mr. Jud Bailey, Vice President of Investor Relations. Sir, you may begin.SPONSORED:
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