Akastor ASA Reports Strong First Quarter Results for 2025
FORNEBU, Norway, April 30, 2025 /PRNewswire/ – Akastor ASA, a global energy investment company, has announced its first quarter results for 2025, showcasing robust financial performance and strategic advancements. The company, which operates in the energy equipment and services sector, reported an adjusted EBITDA of USD 33 million for the quarter, alongside a free cash flow of USD 15 million.
Operational Highlights
AKOFS Offshore, a key subsidiary of Akastor, delivered strong operational performance across all its vessels. This success is a testament to the company’s commitment to excellence in the offshore drilling and subsea well construction sectors. Additionally, Akastor increased its ownership in AKOFS Offshore to 66.7 percent, following the completion of the buy-out of Mitsui’s stake alongside MOL. This strategic move strengthens Akastor’s position in the offshore drilling market.
Financial Developments
Post quarter-end, AKOFS Offshore successfully completed the refinancing of AKOFS Seafarer through a new USD 110 million non-recourse facility. This refinancing secures funding for debt repayment, upcoming SPS, and general corporate purposes, ensuring the company’s financial stability and operational flexibility.
In another significant development, DDW Offshore entered into an agreement to sell Skandi Peregrino for USD 25 million. The sale is expected to close in the second quarter, and Akastor plans to distribute a significant portion of the net proceeds to shareholders as a dividend. This move is anticipated to enhance shareholder value and reflect Akastor’s commitment to returning capital to its investors.
Financial Position
During the quarter, net capital employed decreased by NOK 0.2 billion, bringing it to NOK 4.8 billion. Equity stood at NOK 5.5 billion at quarter-end, corresponding to a price-to-earnings ratio of 1.87. The company’s market capitalization is NOK 3.06 billion, with a close price of NOK 11.4 on April 28, 2025. The 52-week high and low prices were NOK 17 and NOK 10.4, respectively.
Conclusion
Akastor ASA’s first quarter results for 2025 reflect strong operational performance, strategic acquisitions, and prudent financial management. The company’s focus on enhancing shareholder value through strategic asset sales and increased ownership stakes positions it well for continued success in the energy sector. Akastor ASA remains committed to its mission of providing innovative solutions and services to the global energy market.