Akastor ASA Release First Quarter Results 2015

Akastor ASA Release First Quarter Results 2015

The first quarter has been characterized by significant challenges for MHWirth, as the company is adapting to the current market situation. Overall, the remaining portfolio companies have had satisfactory performance during the quarter. The focus for Akastor going forward is to develop and strengthen each of the companies in the investment portfolio, while maintaining the flexibility to act opportunistically.
Update 1Q 2015

Akastor as an investment company:
• Exposed to the challenging oilfield service market, in particular the drilling segment
• Significant cost reduction activities initiated in portfolio companies in response to the shifting market
• Developing and implementing value creation plans for portfolio companies
• Strengthening the investment team further
• Sold remaining 17 percent share of a property in the Oslo area, with a gain of NOK 37 million

Akastor’s portfolio:
• Revenues of NOK 4 546 million
• EBITDA of NOK 177 million, with a margin of 3.9 percent
• Restructuring cost of NOK 40 million in MHWirth, charged to the EBITDA of NOK 177 million
• Order intake of NOK 3.1 billion, giving an order backlog of NOK 20.0 billion
• Net interest bearing debt of NOK 5.9 billion
• Continued very challenging market for MHWirth
• Significant cost reduction activities implemented in MHWirth, reducing workforce by 750 persons
• AKOFS Seafarer acquired for USD 122.5 million, financed with new bank debt

The complete 1st quarter 2015 report and presentation will be available at www.akastor.com

Source: Akastor ASA

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