Third Quarter Highlights
- Net capital employed increased by NOK 0.1 billion during the quarter to NOK 4.8 billion. Equity stood at NOK 5.6 billion at the end of the quarter, corresponding to NOK 20.4 per share, up from NOK 20.2 per share at the end of the last quarter.
- Akastor remained in a net cash position through the quarter, with no draw on corporate facilities.
- HMH delivered an adjusted EBITDA of USD 46 million for the quarter, up 32 percent year-on-year. The company completed the acquisition of Drillform, a leader in automated drilling tools, in July.
- Post-quarter end, Mr. Daniel "Dan" W. Rabun was appointed as Chairman of the Board of Directors of HMH.
- AKOFS Offshore achieved near-100 percent utilization on AKOFS Seafarer and Aker Wayfarer during the period. AKOFS Santos saw improved performance, recording a utilization of 85 percent, including 10 days of maintenance downtime.
- DDW Offshore operated all three vessels throughout the quarter, with a significant contract backlog secured post-quarter end, providing a solid foundation for 2025.
Akastor CEO Karl Erik Kjelstad comments:
"Akastor maintained its strong financial position through the third quarter, with net cash on account and no draw on corporate facilities, leaving us well positioned for potential future distributions. Our portfolio companies delivered another solid quarter, confirming their attractive positions within their respective niches. Despite slightly lower activity in HMH's Service segment, the company achieved impressive year-on-year EBITDA growth. We were also pleased to see HMH complete the acquisition of Drillform, further advancing its growth strategy by expanding onshore capabilities. Both AKOFS Offshore and DDW Offshore delivered solid performances, with all vessels in operation throughout the quarter and high utilization. Additionally, DDW Offshore secured a significant contract backlog after the quarter ended, positioning the company well for the future."
HMH
HMH reported revenues of USD 213 million in the quarter, with an adjusted EBITDA of USD 46 million, corresponding to an EBITDA margin of almost 22 percent.
Revenues from Aftermarket Services were USD 141 million in the quarter, down 4 percent year-on-year and down 6 percent quarter-on-quarter driven by lower service order intake in the quarter. Order intake within this segment was down 10 percent year-on-year and down 8 percent quarter-on-quarter driven by flat rig activity and restrained spending by customers.
Revenues from Projects, Products & Other were USD 73 million in the quarter, up 30 percent year-on-year and up 25 percent quarter-on-quarter driven by increased product shipments.
