Akastor ASA: Third Quarter Results 2026

• Dividend of NOK 2.50 per share approved, supported by cash proceeds received in October from NES Fircroft and the sale of Skandi Peregrino.
• Total distributions since July 2025 thereby amount to approximately NOK 1.5 billion, or NOK 5.65 per share.
• HMH delivered adjusted EBITDA of USD 38 million at a 22% margin. Equipment order activity was below expectations, with several opportunities shifting to later periods, while HMH remains confident in the underlying deepwater fundamentals.
• AKOFS Offshore maintained strong operations across the fleet and completed a USD 300 million fleet refinancing, securing long-term funding and ownership of Aker Wayfarer.
• Post quarter-end, Akastor received a USD 57.4 million cash distribution following NES Fircroft’s refinancing and subsequent shareholder recapitalisation.
• The sale of Skandi Peregrino was completed in October for USD 21.6 million. Following the sale of its final vessel, DDW Offshore has entered a run-off phase with no remaining vessel operations.
• Net Asset Value was NOK 4.3 billion at the end of the quarter, corresponding to NOK 15.7 per share.

CEO Karl Erik Kjelstad comments:

“The developments during and after the third quarter demonstrate continued progress in Akastor’s transition from value creation to value realisation. The NOK 2.50 per share dividend announced today brings total distributions since July 2025 to approximately NOK 1.5 billion, corresponding to NOK 5.65 per share, and reflects our ambition to return capital as portfolio values are realised.

We continue to see significant value in our remaining portfolio. While HMH’s third-quarter performance and subsequent share price development have been disappointing, our view of its longer-term potential has not changed. We also see attractive opportunities for further value realisation across our key holdings and, with a strong financial position, we have the flexibility to optimise for value while continuing to pursue realisations and return excess capital to shareholders.”

HMH

HMH reported revenue of USD 171 million in the third quarter, down 21% year-on-year, while adjusted EBITDA amounted to USD 38 million, corresponding to an adjusted EBITDA margin of 22%. Orders amounted to USD 191 million, up 12% year-on-year and resulting in a book-to-bill ratio of 1.12x.

Equipment order activity remained below expectations during the quarter, with several larger equipment and upgrade opportunities shifting to later periods and customer contract awards taking longer than anticipated. HMH has stated that these opportunities have not disappeared and that the company continues to see a healthy pipeline across its installed base. HMH also remains confident in the underlying deepwater fundamentals and believes it is well positioned for opportunities developing into 2027.

HMH completed the acquisition of Deepwater Riser Services in September for USD 14.5 million, expanding its riser inspection, recertification, refurbishment and storage capabilities in the U.S. Gulf.

Further details on HMH’s third quarter 2026 financial results are available through HMH’s investor relations website and its Quarterly Report on Form 10-Q.

AKOFS Offshore

AKOFS Offshore reported revenues of USD 46 million and EBITDA of USD 19 million in the quarter, driven by strong operational performance across the fleet, with revenue utilisation of 99% for Aker Wayfarer, 97% for AKOFS Santos and 96% for AKOFS Seafarer.

During the quarter, AKOFS completed a USD 300 million fleet refinancing and exercised the purchase option for Aker Wayfarer, strengthening its long-term funding and securing ownership of a core operating asset.

Post quarter-end, AKOFS Santos entered the yard for planned upgrades ahead of commencement of its new Petrobras contract in the first quarter of 2027.

DDW Offshore
DDW Offshore reported revenue of NOK 34 million and EBITDA of NOK 11 million in the third quarter. Skandi Peregrino remained on contract in Australia until late September, delivering 91% utilisation during the quarter.

Post quarter-end, the sale of Skandi Peregrino was completed for USD 21.6 million. Following the sale of its final vessel, DDW Offshore has entered a run-off phase with no remaining vessel operations.

Financial holdings
Net financial items were negative NOK 41 million in the quarter, primarily reflecting non‑cash foreign exchange effects, partly offset by contributions from financial investments and net interest.

Net profit from equity‑accounted investments was NOK 10 million in the period, of which HMH contributed NOK 14 million (non‑cash for Akastor).

Consolidated financial figures
Please note that Akastor’s consolidated revenue and EBITDA include earnings from subsidiaries, which represent a limited portion of the company’s underlying portfolio values. As such, the most relevant indicator of value development remains the financial performance of Akastor’s key investments.

On this basis, Akastor reported consolidated revenues of NOK 35 million and EBITDA of negative NOK 7 million in the quarter, while net loss amounted to NOK 16 million.

Financial calendar
Fourth Quarter Results 2026: March 16, 2027

Media Contact
Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
E-mail: oyvind.paaske@akastor.com
 

Akastor is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments. The company has a flexible mandate for active ownership and long-term value creation.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Jing Li Taklo, Head of Financial Reporting, Akastor ASA, on November 11, 2026, at 07:00 CET.