Q3 2024 Akastor ASA Earnings Call Transcript
Key Points
- Akastor ASA (AKKVF) reported a strong third quarter with a 32% year-on-year growth in EBITDA for HMH, reaching USD46 million.
- HMH's adjusted EBITDA for the last twelve months was USD167 million, significantly higher than the previous year.
- DDW Offshore had all three vessels in operation, securing new engagements and a firm contract backlog of around USD3 million.
- Akastor ASA (AKKVF) maintained a net cash position throughout the quarter, with no draw on corporate credit facilities.
- The company is prepared for potential IPOs for HMH and NES Fircroft, contingent on favorable market conditions.
- AKOFS Offshore experienced a reduction in book value due to negative profit, despite good operations.
- HMH's orders were down 6% year-on-year, with a decrease in aftermarket services impacting revenue.
- Free cash flow was flat due to timing of key milestone collections and working capital build.
- Service order intake for HMH fell significantly in Q3, with restrained spending by drillers affecting future revenue.
- The equity value of Akastor ASA (AKKVF)'s listed holdings decreased by NOK37 million in Q3.
Good afternoon, and welcome to the presentation of Akastor's third quarter results. My name is Oyvind Paaske, CFO, and I'm here together with our CEO, Mr. Karl Erik Kjelstad. As usual, we have with us HMH, represented by Tom McGee, CFO; and David Bratton, SVP, Finance. Karl will, as usual, start with some key highlights before Tom and David will go through HMH. I will then focus on Akastor consolidated financials before I turn it back to Karl. Towards the end, we'll open for questions through the new web solution where questions can be posted at any time.
I will then leave the word to Karl. Please, Karl?
Thank you, Oyvind, and good afternoon and good morning to our US participants, and thank you to everyone for joining us here today. We are pleased with our third quarter results, and we remain positive for the outlook for '24 for all of our portfolio companies.
Slide 2. Let us start with the key highlights for the third quarter. Our
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