Akastor ASA Achieves Strong Financials in Fourth Quarter of 2024
In its recently announced fourth quarter results for 2024, Norwegian oil services investment company Akastor ASA has highlighted significant advancements across several key performance metrics. The company's net capital employed increased by NOK 0.2 billion during the quarter, totaling NOK 5.0 billion. Akastor's equity at the end of the period stood at NOK 5.9 billion, which translates to approximately NOK 21.4 per share, up from NOK 20.4 in the previous quarter.
One of the most noteworthy aspects of the quarter was HMH’s impressive adjusted EBITDA of USD 47 million, contributing to a remarkable full-year total of USD 168 million. This represents a 27 percent increase over the previous year, reflecting HMH’s robust market positioning and solid execution.
Moreover, AKOFS Offshore displayed robust operational performance, achieving a three-year contract extension for the AKOFS Seafarer vessel with Equinor, significantly bolstering its backlog by around USD 300 million. This move not only showcases AKOFS’ commitment to long-term partnerships but also emphasizes their capacity to capitalize on prevailing market dynamics.
In a strategic maneuver, Akastor also announced the acquisition of Mitsui's 25 percent stake in AKOFS Offshore, followed by the sale of an 8.3 percent stake to MOL, both transactions that were completed in the first quarter of 2025. This strategic shift aims to enhance Akastor’s flexibility in navigating the oil services market, further aligning stakeholders' interests.
Commenting on the quarter's performance, Akastor’s CEO, Karl Erik Kjelstad, expressed pride in the achievements, highlighting the solid results and positive milestones across their portfolio. Kjelstad noted the growth trajectory experienced by HMH as indicative of its resilience and ability to deliver strong cash flows amidst fluctuating market conditions.
Within the operational segments, HMH reported revenues amounting to USD 232 million, complemented by an impressive EBITDA margin of 20 percent. The aftermarket services segment alone generated revenue of USD 103 million, marking a year-on-year growth of 9 percent, fueled by increased contract service agreements and advancements in digital technology offerings.
Conversely, HMH’s spares segment reported revenues of USD 56 million, down 22 percent year-on-year, attributed to subdued rig activity and cautious spending from clients. Despite this, order intake within this segment did see a 17 percent year-over-year increase, indicating potential for future recovery.
For projects and other products, revenues surged by 69 percent year-on-year to USD 73 million, driven largely by heightened product shipments and the achievement of significant project milestones.
AKOFS Offshore also had a noteworthy quarter, achieving revenues of USD 34 million and an EBITDA of USD 8 million. With a mix of operational contracts, including noteworthy performances from vessels such as AKOFS Seafarer, AKOFS Santos, and Aker Wayfarer, the company showcases resilience despite maintenance downtimes. Revenue utilization rates remained high, particularly for Aker Wayfarer at 93 percent.
Looking ahead, DDW Offshore secured contracts with international clients, setting the stage for a strong 2025. Revenues of NOK 85 million were reported, alongside an EBITDA of NOK 44 million, illustrating continued operational strength.
In terms of financial health, Akastor's consolidated revenues and EBITDA for the quarter were reported at NOK 90 million and NOK 23 million respectively. This culminated in a net profit of NOK 150 million for the fourth quarter, affirming Akastor’s strategic investments in subsidiaries such as HMH and AKOFS Offshore.
As Akastor ASA continues to demonstrate robustness in its financials and strategic direction, stakeholders can remain optimistic as the company prepares for its first-quarter results for 2025, set to be announced on April 30, 2025. With these results, Akastor reinforces its commitment to long-term growth and value creation in the oil services industry.
One of the most noteworthy aspects of the quarter was HMH’s impressive adjusted EBITDA of USD 47 million, contributing to a remarkable full-year total of USD 168 million. This represents a 27 percent increase over the previous year, reflecting HMH’s robust market positioning and solid execution.
Moreover, AKOFS Offshore displayed robust operational performance, achieving a three-year contract extension for the AKOFS Seafarer vessel with Equinor, significantly bolstering its backlog by around USD 300 million. This move not only showcases AKOFS’ commitment to long-term partnerships but also emphasizes their capacity to capitalize on prevailing market dynamics.
In a strategic maneuver, Akastor also announced the acquisition of Mitsui's 25 percent stake in AKOFS Offshore, followed by the sale of an 8.3 percent stake to MOL, both transactions that were completed in the first quarter of 2025. This strategic shift aims to enhance Akastor’s flexibility in navigating the oil services market, further aligning stakeholders' interests.
Commenting on the quarter's performance, Akastor’s CEO, Karl Erik Kjelstad, expressed pride in the achievements, highlighting the solid results and positive milestones across their portfolio. Kjelstad noted the growth trajectory experienced by HMH as indicative of its resilience and ability to deliver strong cash flows amidst fluctuating market conditions.
Within the operational segments, HMH reported revenues amounting to USD 232 million, complemented by an impressive EBITDA margin of 20 percent. The aftermarket services segment alone generated revenue of USD 103 million, marking a year-on-year growth of 9 percent, fueled by increased contract service agreements and advancements in digital technology offerings.
Conversely, HMH’s spares segment reported revenues of USD 56 million, down 22 percent year-on-year, attributed to subdued rig activity and cautious spending from clients. Despite this, order intake within this segment did see a 17 percent year-over-year increase, indicating potential for future recovery.
For projects and other products, revenues surged by 69 percent year-on-year to USD 73 million, driven largely by heightened product shipments and the achievement of significant project milestones.
AKOFS Offshore also had a noteworthy quarter, achieving revenues of USD 34 million and an EBITDA of USD 8 million. With a mix of operational contracts, including noteworthy performances from vessels such as AKOFS Seafarer, AKOFS Santos, and Aker Wayfarer, the company showcases resilience despite maintenance downtimes. Revenue utilization rates remained high, particularly for Aker Wayfarer at 93 percent.
Looking ahead, DDW Offshore secured contracts with international clients, setting the stage for a strong 2025. Revenues of NOK 85 million were reported, alongside an EBITDA of NOK 44 million, illustrating continued operational strength.
In terms of financial health, Akastor's consolidated revenues and EBITDA for the quarter were reported at NOK 90 million and NOK 23 million respectively. This culminated in a net profit of NOK 150 million for the fourth quarter, affirming Akastor’s strategic investments in subsidiaries such as HMH and AKOFS Offshore.
As Akastor ASA continues to demonstrate robustness in its financials and strategic direction, stakeholders can remain optimistic as the company prepares for its first-quarter results for 2025, set to be announced on April 30, 2025. With these results, Akastor reinforces its commitment to long-term growth and value creation in the oil services industry.
Topics Financial Services & Investing）
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