Q2 2024 Aker Horizons ASA Earnings Call Transcript
Key Points
- Successful completion of the joint venture between Aker Carbon Capture and SLB, resulting in a net accounting gain of NOK4.9 billion.
- Mainstream Renewable Power expanded its footprint in Australia with a 2.5 gigawatt offshore wind feasibility license and a 500 megawatt onshore wind investigative permit.
- Positive recommendation for the 2.5 gigawatt Mareld floating offshore wind farm in Sweden.
- Significant progress in the hydrogen segment, including the scaling up of the Rjukan Project to 40 megawatts gaseous hydrogen capacity.
- Strong market interest and cooperation agreements for data center development in Northern Norway.
- Mainstream Renewable Power faced challenges in Chile due to decreased transmission capacity and lower wind resources.
- The Elena wind farm in Chile experienced delays due to an incident with a turbine tower.
- The regulatory framework for offshore wind in Vietnam remains unclear, delaying the commercialization of the Sock Chang project.
- Mainstream Renewable Power reported a loss of NOK393 million, with Aker Horizons' share being NOK201 million.
- Liquidity decreased by NOK256 million since Q1, driven mostly by currency exchange rate changes and underlying cash use.
Warm welcome to all joining today's presentation of Aker Horizons second-quarter 2024 results. I'm Kristian Røkke, CEO of Aker Horizons. Joining me are Kristoffer Dahlberg, CFO of Aker Horizons, and Mary Quaney, CEO of Mainstream Renewable Power, who will present the company's main developments in the quarter. You are invited to submit your questions throughout the presentation, and we'll respond to them in the Q&A session at the end.
Starting with the summary of the main developments in the quarter. The second quarter was marked by the successful completion of the announced joint venture between Aker Carbon Capture and SLB, which includes the sale of ACC ASA, a 80% of its shares in Aker Carbon Capture holding AS to a subsidiary of SLB. The transaction resulted in a net accounting gain for ACC of NOK4.9 billion, which is also reflected in Aker Horizons consolidated income statement.
The new company combines technology portfolios, expertise and operations platforms to bring carbon capture solutions to market faster and more
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