Akastor ASA: Fourth Quarter Results 2023

FORNEBU, Norway, Feb. 14, 2024 /PRNewswire/ —

Fourth Quarter Highlights           

HMH delivered a record high adj. EBITDA of USD 44 million in the quarter. With this, 2023 adj. EBITDA came in at USD 132 million, up 30% versus 2022           
HMH completed refinancing of its USD 150 million bond and USD 23 million term loan with a new USD 200 million bond           
DDW Offshore delivered a solid operational result with an EBITDA of NOK 40 million, driven by full utilization and increased charter rates for the two vessels in operation           
AKOFS Offshore delivered good utilization, with all vessels on contract through the quarter           
Net capital employed of NOK 4.6 billion and equity of NOK 4.0 billion per end of quarter, corresponding to NOK 14.5 per share

Akastor CEO Karl Erik Kjelstad comments:

“HMH delivered record high earnings in the fourth quarter, driven by a continued steady increase in aftermarket activity. We remain optimistic about the future, and believe the company continues to be uniquely positioned for further growth. We were also pleased to see that the company completed its refinancing, a key enabler for a potential future liquidity event for HMH. DDW Offshore also delivered solid results in the fourth quarter and the market for this type of anchor handlers remains strong, both in terms of charter rates and with regards to asset values.”  

HMH
HMH reported revenues of USD 208 million in the quarter, with an adjusted EBITDA of USD 44 million, corresponding to an EBITDA margin of 21 percent.

Revenues from Aftermarket Services were USD 157 million in the quarter, …

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