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On October 1, 2021, Akastor ASA announced the completion of refinancing its existing Revolving Corporate Credit Facility. The new credit structure includes a USD 89 million revolving credit (Facility A), which will be reduced by USD 47.5 million by March 31, 2022, alongside a NOK 250 million revolving credit facility (Facility B) and a NOK 250 million subordinated liquidity facility from Aker Holding AS. The maturity dates are set for February 26, 2023 and March 26, 2023 for the respective facilities.
Akastor ASA announced that MHWirth has received a notice from Keppel FELS to resume work on a contract suspended since December 2020. The contract, originally signed in April 2019, will now proceed without further delay. This development signifies a positive turn for MHWirth, potentially impacting the company’s operational capacity and revenue forecasts positively.
On April 29, 2021, Akastor reported first quarter results, highlighting a joint venture with Baker Hughes to enhance offshore drilling services. The venture aims to create a global provider of such equipment, supported by a refinancing of Akastor's bank facility. MHWirth's revenues fell 28% to NOK 447 million, while Projects & Products suffered a 73% decline. Meanwhile, AKOFS Offshore generated NOK 269 million in revenues, with technical challenges affecting some assets. The company's net interest-bearing debt stood at NOK 1.6 billion.
On March 2, 2021, Baker Hughes and Akastor ASA announced a joint venture combining Baker Hughes' Subsea Drilling Systems with Akastor's MHWirth AS. This strategic move aims to enhance operational efficiencies and expand market reach in the subsea drilling sector. An investor conference is scheduled for the same day at 14:00 CET to discuss details further. The venture is expected to leverage combined technological strengths and resources, signaling a proactive step towards growth in a competitive market.
Baker Hughes and Akastor ASA have formed a joint venture, combining Baker Hughes' Subsea Drilling Systems with Akastor's MHWirth AS. This partnership aims to provide a comprehensive offshore drilling equipment service globally. Both companies will own 50% of the new entity, managed from Houston and Kristiansand. The venture is projected to enhance financial strength and service breadth, addressing the oil and gas industry's shift towards energy-efficient solutions. The closing of the transaction is anticipated in the second half of 2021, pending regulatory approvals.
Akastor ASA is set to release its third quarter 2020 results on October 30, 2020, at 7:00 a.m. CET. A live presentation will follow at 8:00 a.m. CET, including a Q&A session. Interested participants are encouraged to join the event 5-10 minutes early. Dial-in numbers for various regions are provided: UK/International +44 (0) 203 769 6819, Norway +47 2195 6342, USA +1 646 787 0157, with the confirmation code 439696. A replay of the event will be available on the company website.
Akastor AS has finalized the acquisition of DDW Offshore AS, effective from October 9, 2020, with ownership of all shares transferred. This consolidation will integrate DDW Offshore as a subsidiary within the Akastor Group starting Q4 2020. The restructuring aligns with previously announced principles from August 27, 2020. DDW Offshore operates five advanced Anchor Handling Tug Supply vessels, providing vital services in offshore oil and gas operations.
Akastor has announced a strategic agreement for its affiliate, NES Global Talent, to merge with Fircroft Group. This alliance aims to enhance their position in providing engineering and technical talent solutions globally. Following the merger, Akastor's stake in the new combined entity, NES Fircroft, will be approximately 15%. CEO Karl Erik Kjelstad will serve as a board member in NES Fircroft, reinforcing Akastor's influence in the new venture.
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