Akastor ASA Reports Strong Q3 2024 Financials
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Akastor ASA Reports Strong Q3 2024 Financials

Akastor ASA ( (AKKVF) ) has realeased its Q3 earnings. Here is a breakdown of the information Akastor ASA presented to its investors.

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Akastor ASA is a Norway-based investment company specializing in oilfield services, vessel-based subsea well construction, and engineering staffing, with a diversified portfolio across several sectors.

In its latest earnings report for the third quarter of 2024, Akastor ASA highlighted a significant increase in EBITDA and revenue, alongside strategic acquisitions and leadership changes. The company successfully completed the acquisition of Drillform, a leader in automated drilling tools, and appointed Dan Rabun as the new Chairman of the Board.

Financially, the company reported a 32% year-on-year increase in adjusted EBITDA, reaching USD 46 million, and a 5% rise in revenue to USD 213 million. The EBITDA margin improved to 22%, attributed to an enhanced product mix. Despite a 6% decrease in order intake year-on-year, the quarter saw a positive 8% uptick compared to the previous quarter, driven by increased project activities.

Net debt stood at USD 197 million, with a leverage ratio of 1.2x. The company’s vessels achieved high utilization rates, with AKOFS Santos improving its performance. Looking ahead, Akastor has secured significant contract backlogs, ensuring strong visibility for 2025.

The outlook for Akastor ASA remains focused on leveraging its strategic acquisitions to enhance growth and maintain market leadership while optimizing shareholder value through targeted investment exits and increased liquidity.

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