Q1 2025 Akastor ASA Earnings Call Transcript
Key Points
- HMH reported an EBITDA of USD 33 million, consistent with the previous year, and a free cash flow of USD 15 million.
- AKOFS Santos was nominated for a four-year MPSV contract with Petrobras, indicating potential future revenue.
- The refinancing of the AKOFS Seafarer vessel was completed with a non-recourse USD 110 million facility, improving liquidity.
- DDW Offshore entered into an agreement to sell Skandi Peregrino for USD 25 million, with plans to distribute a significant portion of the proceeds as dividends.
- Akastor ASA maintains a positive net cash position with no corporate debt, providing financial stability and flexibility.
- Currency effects led to a decrease in the book value of Akastor's shareholding in HMH.
- The trade tariff environment could potentially impact EBITDA by 3% to 6%, although mitigation strategies are in place.
- AKOFS Offshore's net losses are expected to continue, reducing its book value.
- Skandi Peregrino recorded 0% utilization due to technical issues, delaying contract commencement.
- The macroeconomic environment, including potential recessionary data and oil price volatility, poses risks to future performance.
Good afternoon and welcome to the presentation of Akastor's first-quarter results. My name is Oyvind Paaske, CFO of Akastor, and I'm joined by our CEO, Mr. Karl Kjelstad. We are also pleased to have HMH with us from Houston, represented by Tom McGee, CFO, and David Bratton, SVP Finance.
Karl will start by taking us through the key highlights, followed by Tom and David with an update on HMH. I will then cover Akastor's consolidated financials before handing it back to Karl. We'll wrap up with the Q&A session. Feel free to submit questions at any time during the presentation.
With that, I will hand it over to Karl. Please.
Thank you, Oyvind, and good afternoon and good morning to our US participants and thanks to everyone for joining us for this first-quarter Akastor earnings call. Let's start on slide 2 with some key highlights for the first quarter.
We are pleased to deliver another good quarter, marked by a solid
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