OSLO, July 16, 2020 /PRNewswire/ -- Second Quarter
Highlights
- Revenue of NOK 1 254 million in
the quarter, down 4 percent compared with the same quarter previous
year
- Total EBITDA of NOK 70 million in
quarter, negatively impacted by specific M&A cost of
NOK 43 million
- MHWirth EBITDA of NOK 110 million
in quarter, driven by continued good activity within services and
demonstrating robustness of business model
- Net bank debt was NOK 1 595
million per end of second quarter, a decrease of NOK 42 million in the quarter
- Net interest-bearing debt was NOK
1 488 million per end of second quarter, an increase of
NOK 100 million in the quarter
impacted by a conversion of receivables held towards AKOFS Offshore
to equity
- Order backlog was NOK 2.8 billion
at the end of the quarter
Akastor CEO Karl Erik Kjelstad
comments:
"We are happy to see that all of our industrial holdings
delivered positive contribution in the second quarter despite
challenging market conditions. MHWirth delivered solid financial
performance driven by continued good contribution from services in
the quarter, demonstrating the robustness of their business model.
As the market conditions are still uncertain going forward, all
portfolio companies are continuously taking concrete actions to
mitigate impact by adjusting cost base to align with activity
level. Key focus for Akastor in 2020 remains to safeguard
operations and secure financial strength."
Media Contact
Øyvind Paaske
Chief Financial Officer
Tel: +47-917-59-705
E-mail: oyvind.paaske@akastor.com
Akastor is a Norway-based
oil-services investment company with a portfolio of industrial
holdings and other investments. The company has a flexible mandate
for active ownership and long-term value creation.
This information is subject to the disclosure requirements
pursuant to section 5 -12 of the Norwegian Securities Trading
Act.
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The following files are available for download:
https://mb.cision.com/Public/18618/3154738/85d126c6989bda7d.pdf
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Akastor ASA Half Year
Report 2020
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https://mb.cision.com/Public/18618/3154738/b62e9d70d354e115.pdf
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Akastor ASA 2Q 2020
presentation
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