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Investments

Akastor

Akastor is an oil service investment company with a portfolio of companies. It has a flexible mandate to engage in active ownership and long-term value creation.

AKER’S ENGAGEMENT
Aker owns 70 per cent of the shares in Aker Kværner Holding AS, which in turn owns 40.3 per cent of the shares in Akastor, giving Aker an equity interest equivalent to 28.2 per cent in Akastor. Aker also owns 8.5 per cent of the shares in Akastor directly. Kristian Røkke and Øyvind Eriksen represent Aker on Akastor’s board of  directors.

Akastor’s share price was NOK 13.06 as at 31 December 2018, compared to NOK 16.40 one year prior. Aker’s shareholding was valued at NOK 1.3 billion at the end of 2018, equivalent to 3 per cent of Aker’s total assets.

AKER’S OWNERSHIP AGENDA
Aker’s main ownership priorities are operational improvements and cost reductions in Akastor’s portfolio companies, and inning new contracts and securing new transactions. Aker is supporting and encouraging Akastor to play an active role in the transactional market, both to release capital and to seize opportunities. Akastor has released NOK 6.1 billion through operational divestments. In 2018, the transaction with Mitsui was completed for a 50-50 joint venture in AKOFS Offshore, and Akastor released USD 142.5 million in cash. AKOFS Offshore won an important long-term contract with Equinor in 2018, having previously secured long-term contracts with Petrobras. The drilling technology company MHWirth further improved its competitiveness during the year, and won a drilling package delivery contract with Keppel FELS that includes an option for three further drilling packages. MHWirth is concentrating on developing the drilling market technology of the future.

In 2018, Akastor made an equity investment of USD 75 million in the rig company Odfjell Drilling. Akastor’s wholly-owned subsidiary First Geo signed a merger agreement with AGR in 2018 with the aim of creating a leading subsea and well operations company. Completion is scheduled for 2019, and after the completion date Akastor will own 100 per cent of the shares and 55 per cent of the financial interests. This transaction creates a foundation for future value creation.

Completed transactions show that Akastor’s portfolio companies often have an added value which becomes visible when larger, more effective units are created in industrial constellations. Aker will maintain this strategy in its capacity as owner.

For more information, please visit www.akastor.com .

Akastor

Listed:
Oslo Børs

Geographic market:
International

Sector:
Energy

Categori:
Oil services

Share of Aker's total assets (4Q18)
3%

CEO:
Karl Erik Kjelstad

Chairman:
Kristian Røkke

Website:
www.akastor.com