Akastor
Akastor is an oil-services investment company with a diverse portfolio of industrial and financial holdings, headquartered in Fornebu, Norway, and traded on the Oslo Stock Exchange under the ticker AKAST.
Akastor Company Profile
Akastor is an oil-services investment company that holds a diverse portfolio of industrial and financial assets. Established in 2014 following a demerger from Aker Solutions, the company operates with a flexible mandate for active ownership and long-term value creation. Akastor's shares are traded on the Oslo Stock Exchange under the ticker AKAST, and Aker Holding AS, owned by Aker ASA, stands as the largest shareholder with a 36.7% stake. The company is headquartered in Fornebu, outside Oslo, Norway, and maintains a global presence.
Akastor's Investment Portfolio
Akastor's broad portfolio includes substantial holdings in various industry segments. Key investments include a 50% stake in HMH, a provider of offshore and onshore drilling equipment, and a 50% stake in AKOFS Offshore, known for subsea well construction and intervention services. The company holds approximately 15% of NES Fircroft, specializing in workforce solutions, 100% of DDW Offshore AS with three mid-sized AHTS vessels, and 4.9% of ABL Group, which offers energy and marine consultancy services. Other holdings include 1.7% of Maha, an upstream oil and gas company, 44% of Føn Energy Services, an offshore and onshore wind industry service provider, and 6.8% of Awilco Drilling.
Akastor's Financial Overview
By the end of 2022, Akastor reported a Net Capital Employed of NOK 4.6 billion. Dividend distribution is considered on an ongoing basis rather than regularly scheduled. Akastor recently received an arbitration award of USD 108 million for the DRU contracts. Major portfolio companies reported strong finances in early 2024: HMH with USD 193 million in revenue and an adjusted EBITDA of USD 33 million, and AKOFS Offshore with USD 32 million in revenue and an EBITDA of USD 9 million. However, DDW Offshore reported NOK 39 million in revenue and an EBITDA of NOK -8 million.
Akastor's Corporate Governance and Responsibility
Akastor adheres to corporate governance principles based on the Norwegian Corporate Governance Board's Code of Practice. The company's corporate responsibility policies emphasize anti-corruption measures, human rights respect, and health, safety, and environmental care. Akastor's Investor Relations (IR) policy aims to provide the financial market with precise and relevant information to ensure that the share price reflects underlying values and future prospects. Meanwhile, the shareholder policy focuses on creating value for shareholders, customers, employees, and society, aiming to provide a competitive return over time.
Akastor's Major Shareholders
Aker Holding AS, owned by Aker ASA, is the largest shareholder in Akastor, holding 36.7% of the company's shares. This substantial ownership aligns Akastor closely with Aker ASA's interests and strategic direction. The shares of Akastor are listed and actively traded on the Oslo Stock Exchange under the ticker symbol AKAST.