1Q 2023
Quarterly presentation - Akastor ASA
April 27, 2023
1Q 2023 Highlights
▪ Agreement with ABL Group re. sale of all shares in AGR | |
against a combination of shares in ABL and cash | |
▪ Akastor holds around 5% of ABL after closing of transaction | |
in April 2023 | |
▪ Strong order intake in period with 20% growth year-on-year | |
driven by upgrades for rigs | |
▪ Secured strategic orders for digital technology upgrades and | |
equipment overhauls in quarter | |
▪ AKOFS Santos commenced its new three-year contract in the | |
quarter, after a period of delay related to deliveries from sub- | |
supplier | |
▪ NES Fircroft revenues increased by 16% y-on-y driven by | |
Other | growth across all client industries. EBITDA of USD 27m in |
period. |
- DRU arbitration hearing concluded in quarter. Arbitration outcome expected second half of 2023.
- Net Capital Employed per holding reflected at book value
NET CAPITAL EMPLOYED 1)
NOK million, 31 March 2023
Book value per share
10.9 | 2.1 | 2.5 | 2.1 | 0.8 | -1.3 | 17.1 | -1.7 | 15.3 |
230 | (352) | |||||||
565 | (475) | |||||||
690 | ||||||||
562 | ||||||||
4 677 | ||||||||
4 202 | ||||||||
2 982 | ||||||||
DRU | Other | Net Capital | NIBD | Equity | ||||
contracts | Employed |
Akastor © 2023 | Slide 2 |
Akastor is now a shareholder in ABL Group following sale of AGR
Introduction
• AGR sold to Norway-listed ABL Group |
against combination of ABL shares and |
cash, with transaction closed on April 18th, |
2023 |
• AGR term loans towards DNB and Nordea |
settled as part of the transaction |
Overview of AGR transaction proceeds and assets retained by Akastor
Offers independent energy and marine consultancy to | 6,055,556 shares | ||
the global renewables, maritime and oil and gas | ~4.9% ownership | ||
sectors. Listed on Oslo Børs | |||
• Akastor to retain 1/3 of the consideration |
shares (6,055,556), which equals an |
ownership in ABL of about 4.9%, as well as |
parts of the cash consideration |
• Akastor will also retain ownership of |
assets that are excluded from the ABL |
transaction |
• Transaction completed above book value |
with an estimated accounting gain of |
Stockholm listed, international upstream oil and gas company whose business activities include exploration, development and production of crude oil and natural gas
Independent service provider to the offshore wind industry and other energy sectors. JV between Akastor and IKM to capitalize on the attractiveness of the O&M market within offshore and onshore wind
3,328,652 shares1) ~1.8% ownership
44% ownership
approximately NOK 100 million, which will |
be booked in Q2 2023 |
Cash & | Ownership in SpotOn Energy Holding (20% ownership) |
Net cash position of approximately NOK 30m (net of transaction cost and | |
Other | |
contribution to banks) | |
Akastor © 2023 | 1) | Delivery of shares pending closing of Maha Energy AB's business combination with DBO 2.0 S.A. The Transaction is expected to close in the 1st half of 2023. | Slide 3 |
Portfolio overview post closing of ABL transaction
Industrial investments | Financial investments | |
Global full-service offshore and onshore drilling equipment and service provider
50%
Global provider of subsea well construction and intervention services
50%
Independent energy and marine consultancy company
~5%
International upstream oil and gas company
~2%1)
Independent service provider to the offshore wind industry and other energy sectors
44%
Global engineering staffing provider within multiple sectors
~15%2)
5 mid-sized AHTS vessels
100%
DRU | Financial interest in four drilling |
equipment contracts with Jurong Shipyard | |
contracts | |
Full economic interest3) | |
International drilling, well service and engineering company
Warrant structure and seller's credit agreement
North Sea drilling contractor
7%
Akastor © 2023 | 1) | Delivery of shares pending closing of Maha Energy AB's business combination with DBO 2.0 S.A. The Transaction is expected to close in the 1st half of 2023 | Slide 4 |
2) | Economic interest | ||
3) | Carve out from MHWirth in connection with merger with Baker Hughes SDS to form HMH |
Agenda
HMH
Financial update
Ownership agenda
Q&A
Attachments
- Original Link
- Original Document
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Disclaimer
Akastor ASA published this content on 27 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2023 05:26:09 UTC.