OSLO, Oct. 29, 2019 /PRNewswire/ --
Highlights
- Revenue NOK 1 430
million
- EBITDA NOK 133
million
- EBITDA margin 9.3
percent
- Order intake NOK 1 149
million
- Order backlog NOK 3.3
billion
- Net interest-bearing debt NOK 1.1
billion
Akastor CEO Karl Erik Kjelstad
comments:
"In an offshore rig market that is still struggling with
overcapacity, MHWirth delivered strong revenue growth of 50 percent
in the third quarter. A solid EBITDA margin of 11.9 percent in
MHWirth reflects that the restructuring measures in the company
have been successful. Additionally, AKOFS Offshore experienced high
operational utilization for both vessels in Brazil."
Akastor reported revenues of NOK 1.4
billion in the third quarter, an increase of 50 percent
year-on-year.
Earnings before interest, taxes, depreciation and amortization
(EBITDA) were NOK 133 million,
compared to NOK 87 million a year
earlier. EBITDA for 3Q 2019 includes positive effects of
NOK 31 million from IFRS 16 (the new
lease accounting standard), while comparative figures have not been
re-stated. EBITDA margin in 3Q was 9.3 percent.
Net interest-bearing debt (NIBD) was NOK
1.1 billion, increased by NOK 224
million in the quarter.
MHWirth
MHWirth reported revenues of NOK 1
113 million in the quarter, an increase of 48 percent year-on-year.
The EBITDA for the third quarter was NOK 133
million, giving an EBITDA margin of 11.9 percent.
The Projects business area continues to grow as several
projects are in a delivery phase. The market outlook for newbuilds
remains challenging with current oversupply of rigs, although there
are some niche projects in the market.
The Products business area has more than doubled their
revenue year-to-date compared to one year ago. The business segment
has experienced particularly strong demand from onshore and non-oil
market segments.
Revenue for the aftermarket business area (DLS) increased
sequentially driven by high activity on overhaul and SPS in the
third quarter. We expect the high activity level to continue into
the fourth quarter.
Lastly, Digital Technologies, a new business area within
MHWirth, has seen rapidly increased demand for the DEAL digital
platform and is scaling up to meet the demand from clients. Three
new DEAL automation systems were installed in the third quarter,
increasing the installed base to five rigs in operation.
AKOFS Offshore
AKOFS reported revenues of NOK 295
million in the third quarter. The EBITDA for the third
quarter was NOK 175 million, giving
an EBITDA margin of 59 percent. Both vessels in Brazil had a high revenue utilization.
The non-recourse financing required for the AKOFS Seafarer
upgrade program has recently been completed and, in turn,
NOK 440 million of loans from Akastor
were repaid in October.
Other industrial holdings
AGR, Step Oiltools and Cool Sorption continue to deliver steady
performance in the third quarter with a total revenue and EBITDA of
NOK 295 million and NOK 7 million, respectively.
Financial holdings
Contributions from financial investments were negative with
NOK 10 million in the quarter. The
preferred equity in Odfjell Drilling, NES Global Talent and AKOFS
Offshore contributed positively with NOK 30
million, NOK 26 million and
NOK 2 million, respectively. Awilco
Drilling and DOF Deepwater contributed negatively with NOK 37 million and NOK 31
million, respectively.
Financial calendar
Fourth quarter results 2019: February 13,
2020
Media and investor contact
Leif Borge
Chief Financial Officer
Tel: +47-917-86-291
E-mail: leif.borge@akastor.com
This press release may include forward-looking information or
statements and is subject to our disclaimer, see
https://akastor.com
This information is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
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SOURCE Akastor ASA