Akastor ASA: Fourth Quarter Results 2024 - A Strong Performance Amidst Market Dynamics
Thursday, Feb 13, 2025 1:38 am ET
1min read Akastor ASA, the Norwegian oil and gas services and equipment provider, has reported its fourth quarter results for 2024, showcasing a strong performance amidst market dynamics. The company's net capital employed increased by NOK 0.2 billion during the quarter, reaching NOK 5.0 billion, while equity stood at NOK 5.9 billion at quarter-end, equivalent to NOK 21.4 per share, up from NOK 20.4 per share last quarter.
HMH, a key subsidiary of Akastor, reported an adjusted EBITDA of USD 47 million for the quarter, bringing the full-year 2024 figure to USD 168 million, representing a 27 percent increase from 2023. This impressive year-on-year EBITDA growth underscores HMH's resilience and robust market position. The company's strong operational performance and key milestones across its portfolio, including the acquisition of Mitsui's stake in AKOFS Offshore and the subsequent sale to MOL, have contributed to its solid fourth quarter results.
AKOFS Offshore, another subsidiary, delivered solid operational performance and secured a three-year contract extension for AKOFS Seafarer with Equinor, adding a backlog of approximately USD 300 million. This significant strengthening of its backlog, coupled with the joint buy-out of Mitsui's stake in AKOFS Offshore alongside MOL, enhances Akastor's exposure to attractive market dynamics and represents a key step in aligning ownership interests, creating more flexibility for the company.
DDW Offshore, the company's third subsidiary, achieved a significant contract backlog during the quarter, strengthening its foundation for 2025. This strong performance across all subsidiaries has positioned Akastor ASA well for the coming year, with the company actively exploring strategic options to capitalize on market opportunities.
In conclusion, Akastor ASA's fourth quarter results 2024 demonstrate the company's solid performance amidst market dynamics, driven by strong operational performance from its subsidiaries and strategic acquisitions. With a robust financial position and a diversified portfolio, Akastor ASA is well-positioned to continue its growth trajectory in 2025. Investors should closely monitor the company's progress as it continues to capitalize on attractive market dynamics in the oil and gas sector.
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