Akastor ASA

Akastor did not report consolidated revenue or EPS on the call; management instead focused on portfolio-level value, cash, and asset realizations. At quarter end, Akastor had a cash positive position of NOK 219 million, total net interest-bearing items of NOK 965 million, and total available liquidity of NOK 328 million excluding the suspended corporate RCF. HMH reported Q1 EBITDA of USD 30 million with an 18% margin and order intake up 10% year over year; AKOFS Offshore reported revenue of USD 42 million and EBITDA of USD 14 million. DDW Offshore recorded consolidated revenue of NOK 182 million and EBITDA of NOK 123 million, driven by a NOK 132 million gain on the sale of Skandi Atlantic. For the outlook, management said HMH expects a stronger second half supported by improved market activity and a strengthened backlog, while Akastor expects Q2 net cash to improve further from HMH IPO proceeds and the planned Skandi Emerald sale, partly offset by the approved dividend later in May.

Karl Kjelstad emphasized that Akastor remains in a solid financial position and is sticking to its strategy of active ownership, value creation, and returning excess capital while maintaining a sound capital structure. He framed the HMH IPO as a key milestone that improves liquidity and future value realization, while also highlighting AKOFS upside and the continued strength of NES Fircroft. His tone was constructive and confident, but he repeatedly tied future actions to timing, market conditions, and alignment with co-owners.

Øyvind Paaske focused on balance sheet strength, cash movement, and the impact of recent portfolio actions. He said net capital employed fell by NOK 207 million in Q1, driven mainly by FX effects and the realization of Skandi Atlantic, while net cash increased by NOK 132 million to NOK 219 million at quarter end. He also noted the USD 30 million corporate RCF remained undrawn but temporarily suspended due to the HMH share pledge, and said liquidity should increase further after HMH IPO proceeds and the Skandi Emerald sale, partly offset by the dividend. He highlighted that shareholder loans to HMH of USD 27 million were fully settled and received in cash in April.

Analysts asked about renewed interest in NES Fircroft, and management said interest remains strong after the company’s solid performance and market position, but any monetization will depend on the market, alignment with co-owners, and valuation. On HMH ownership, management said the IPO gives Akastor more liquidity and flexibility, but HMH remains a core investment and ownership will be assessed over time as part of the broader strategy. On shareholder returns, management reiterated that distributions will continue when excess capital is generated by realizations, but only while preserving a robust balance sheet.