OSLO, Norway, Feb. 13, 2020 /PRNewswire/ --
Highlights
- Revenue NOK 1 557 million
- EBITDA NOK 153 million
- EBITDA margin 9.8 percent
- Order intake NOK 1 168
million
- Order backlog NOK 3.2
billion
- Net interest-bearing debt NOK 0.7
billion
Akastor CEO Karl Erik Kjelstad
comments:
"I am pleased to see the positive development in our portfolio
companies. MHWirth continues the positive trend of delivering
strong revenue and EBITDA growth. This confirms MHWirth's robust
business model, as well as the strong market position that the
company holds within offshore drilling services and advanced
drilling technology. I would also like to give credit to the AKOFS
Offshore team, that is continuing the trend with high operational
revenue on both vessels in Brazil."
Akastor reported revenues of NOK 1
557 million in the fourth quarter, an increase of 43 percent
year-on-year.
Earnings before interest, taxes, depreciation and amortization
(EBITDA) were NOK 153 million,
compared with NOK 63 million a year
earlier. EBITDA for 4Q 2019 includes positive effects of
NOK 29 million from IFRS 16 (the new
lease accounting standard), while comparative figures have not been
re-stated. EBITDA margin in 4Q was 9.8 percent.
Net interest-bearing debt (NIBD) was NOK
0.7 billion, decreased by NOK 430
million in the quarter mainly driven by working capital
release in MHWirth.
MHWirth
MHWirth reported revenues of NOK 1
158 million in the quarter, an increase of 30 percent year-on-year.
EBITDA for the fourth quarter was NOK 146
million, giving an EBITDA margin of 12.6 percent.
Revenues from Projects grew 40 percent in 2019, receiving
order for one new drilling package in 2Q 2019. The market outlook
for newbuilds remains challenging with current oversupply of rigs,
although there are some niche projects in the market.
Revenues from Products almost doubled from 2018 to 2019.
The business segment has experienced particularly strong demand
from onshore and non-oil markets.
Revenues from Drilling Lifecycle Services
(DLS) increased sequentially driven by high activity on rig
overhauls and SPS in the fourth quarter.
Lastly, Digital Technologies, has seen rapidly increased
demand for the DEAL digital platform. One new DEAL automation
system was installed in the fourth quarter, increasing the
installed base to eight rigs in operation.
AKOFS Offshore
AKOFS reported revenues of NOK 306
million in the fourth quarter. The EBITDA for the fourth
quarter was NOK 145 million, giving
an EBITDA margin of 47 percent. Both vessels in Brazil had a high revenue utilization.
The AKOFS Seafarer non-recourse financing was completed and
NOK 438 million of loans from Akastor
was repaid in October 2019.
Other industrial holdings
AGR, Step Oiltools and Cool Sorption continue to deliver steady
performance in the fourth quarter with a total revenue and EBITDA
of NOK 357 million and NOK 17 million, respectively.
Financial holdings
Contributions from financial investments were NOK 2 million in the quarter. The preferred
equity in Odfjell Drilling and NES Global Talent contributed
positively with NOK 43 million and
NOK 20 million, respectively. DOF
Deepwater contributed negatively with NOK 59
million.
Financial calendar
Annual Report 2019: March 25,
2020
First Quarter Results 2020: April 28,
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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Akastor ASA 4Q 2019
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SOURCE Akastor ASA