Akastor ASA

Reported Q2 consolidated revenue was NOK 156 million and consolidated EBITDA was NOK 94 million, driven largely by DDW Offshore’s NOK 101 million gain on the sale of Skandi Emerald. Net cash position increased by NOK 321 million to NOK 540 million at period end, and fair value-adjusted NAV was NOK 4.735 billion, or NOK 17.3 per share. HMH reported USD 171 million in revenue and USD 34 million in adjusted EBITDA, equal to a 20% margin; AKOFS Offshore reported USD 44 million of revenue and USD 16 million of EBITDA; DDW Offshore reported NOK 156 million of revenue and NOK 113 million of EBITDA. Looking ahead, management pointed to continued value realization through HMH, potential proceeds from NES Fircroft’s recapitalization, and further shareholder distributions when realizations occur; no specific new full-year revenue or EPS guidance was given.

Karl Kjelstad framed the quarter as another step in Akastor’s move from value creation toward value realization and shareholder distribution. He emphasized the HMH IPO, DDW vessel sales, and NES Fircroft’s refinancing as examples of portfolio monetization, while stressing that Akastor is not under pressure to sell HMH shares and will judge future sales based on market conditions, liquidity, and underlying value. His tone was constructive and capital-return focused, with repeated emphasis on maintaining a strong balance sheet.

Øyvind Paaske focused on balance-sheet effects and liquidity, noting that net cash rose to NOK 540 million and total available liquidity was NOK 560 million at quarter end. He highlighted the NOK 44 million negative fair value adjustment on HMH based on a closing share price of USD 18.74, while also explaining that HMH book value fell by NOK 433 million during the quarter due to the IPO and related accounting effects. He said debt was reduced during the quarter after the DDW sale, the corporate USD 30 million RCF was canceled in May, and the DDW RCF was reduced to USD 7 million with NOK 2 million drawn at quarter end.

Analysts focused on HMH ownership, future shareholder distributions, NES Fircroft’s recapitalization, AKOFS refinancing, and the outlook for Skandi Peregrino after November 2026. Management said the HMH lockup expires toward the end of Q3, but Akastor is not pressured to sell and will assess any sales based on market conditions and value; it also said it received about USD 53 million in cash proceeds and shareholder-loan repayment from the IPO and greenshoe. On NES, management said the USD 650 million bond creates flexibility and up to USD 350 million of dividend recap capacity, but timing and size remain subject to conditions and approvals. On AKOFS, management targeted a refinancing completion in the second half of the year and said it is intended to refinance existing debt and fund the Aker Wayfarer option, not to realize the shareholder loan.