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Introduction & Market Context
Akastor ASA presented its second quarter 2025 results on July 10, showcasing a strengthened cash position despite mixed operational performance across its portfolio companies. The Norwegian investment company, which focuses on energy-related assets, has continued its strategic shift toward optimizing its portfolio for eventual monetization and shareholder returns.
The company’s stock closed at $11.44 prior to the presentation, down 0.7% from the previous session, reflecting cautious market sentiment despite the company’s improved liquidity position.
Quarterly Performance Highlights
Akastor reported consolidated revenue of NOK 79 million for Q2 2025, down from NOK 91 million in the same period last year. EBITDA declined to NOK 9 million from NOK 28 million year-over-year, reflecting challenging conditions in some segments of the energy market.
A key highlight was the approval of a NOK 0.35 per share dividend, signaling confidence in the company’s liquidity position. The company also announced a significant reduction in its Odfjell Drilling holding, generating total proceeds of NOK 104 million, including NOK 47 million received in cash.
As shown in the comprehensive quarterly highlights, Akastor’s portfolio companies delivered mixed results, with stable revenues at HMH and improved vessel utilization at AKOFS Offshore:
Portfolio Company Performance
HMH, Akastor’s 50%-owned drilling equipment provider, maintained relatively stable revenues at USD 203 million compared to USD 208 million in Q2 2024. However, EBITDA declined to USD 36 million from USD 42 million year-over-year, with margins contracting from 20% to 17.7%. The company reported order intake of USD 173 million, slightly down from USD 179 million in the comparable period.
The following chart illustrates HMH’s key financial metrics for Q2 2025 compared to previous periods:
AKOFS Offshore, in which Akastor holds a 66.7% stake, delivered strong operational performance with the Aker Wayfarer and AKOFS Santos vessels achieving revenue utilization of 94% and 93%, respectively. The company received a nomination for a four-year MPSV contract with Petrobras for the AKOFS Santos vessel, expected to commence in Q3 2026.
The AKOFS Offshore business overview highlights the company’s vessel portfolio and contract status:
DDW Offshore, Akastor’s wholly-owned vessel operator, reported that all three of its Anchor Handling Tug Supply vessels are now deployed on contracts in Australia, contributing to revenue of NOK 75 million and EBITDA of NOK 28 million in Q2 2025.
Balance Sheet and Liquidity Position
Akastor significantly strengthened its financial position during the quarter, with net cash increasing to NOK 145 million. This improvement was driven by several factors, including the partial divestment of Odfjell Drilling shares and operational cash flows.
The following chart details the development of Akastor’s net interest-bearing debt position during Q2 2025:
The company’s net capital employed stood at NOK 4,652 million as of June 30, 2025, with HMH representing the largest component at NOK 3,373 million. Total equity was reported at NOK 5,466 million.
This breakdown of net capital employed provides insight into Akastor’s portfolio allocation:
Liquidity remains strong with total available cash, fund investments, and undrawn facilities of NOK 704 million. The company maintains a revolving credit facility of USD 30 million maturing in June 2026, a share financing facility of NOK 70 million, and a term loan for DDW Offshore of USD 26 million maturing in September 2026.
Strategic Priorities and Outlook
Akastor’s strategic focus remains on optimizing its portfolio for eventual monetization and returning value to shareholders. The company has organized its holdings into three strategic categories: Enable Liquidity, Optimize Exit, and Develop and Divest.
The following slide illustrates Akastor’s strategic priorities for its portfolio companies:
For HMH, the company’s largest investment, the focus is on expanding the business through organic growth and value-adding acquisitions while maintaining a leading market position through customer-centric R&D. Despite current challenges, including the impact of tariffs, HMH is implementing productivity and cost-efficiency initiatives that are beginning to yield tangible results.
Akastor’s diverse portfolio of energy-related companies positions it to benefit from the expected growth in offshore markets, particularly as customers continue to invest in rig upgrades. The company’s portfolio spans drilling equipment, engineering staffing, subsea services, and vessel operations:
Looking ahead, Akastor remains committed to its strategy of developing portfolio companies to maximize value and executing well-timed exits. The company’s strong cash position provides flexibility to time transactions when values are attractive, while its focus on returning proceeds to shareholders through dividends and potential share buybacks underscores its commitment to shareholder value creation.
Full presentation:
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