AKASTOR ASA SpareBank 1 Markets - 2023 Energy Conference
Introduction to Akastor
Karl Erik Kjelstad (CEO)
March, 2023
What has happened since inception?
Share price has traded in line with the sector and rebounded strongly during the last 3 years…
…we have made >15 value enhancing transactions and divested companies above BV…
…reducing our NIBD with >NOK 5bn from peak
NOK/share | AKAST-NO | OSX (rebased) |
14 | ||
13 | ||
12 | ||
11 | ||
10 | ||
9 | ||
8 | ||
7 | ||
6 |
Selected transactions
November 2022
Sale of preferred equity
investment
USD 95m1)
September 2018
50% sale to
March 2021
Subsea Drilling Systems
50% JV between
MHWirth and Baker Hughes' SDS division
April 2019
Merged for an economic
interest stake of 55%
NIBD (NOKm)
-5 568 |
6 121 |
5 |
USD 142.5m
4 | |||
3 | |||
2 | |||
-20 | -21 | -22 | -23 |
December 2016
Advantage
Merged for an initial
equity stake of 15.2% in
June 2017
100% sale to
553 | ||
2Q 2015 | 4Q 2022 |
Jan | Jan | Jan | Jan |
NOK 400m | USD 114m |
Akastor © 2023 | 1) USD 75m cash + USD 20m seller credit | Slide 2 |
Portfolio of industrial and financial investments
Industrial investments | Financial investments | |
Global full-service offshore and onshore drilling equipment and service provider
50%
Global provider of subsea well construction and intervention services
50%
Multi-disciplinary engineering consultancy and software provider with roots in reservoir and well management
64%1)
Global engineering staffing provider within multiple sectors
~15%2)
5 mid-sized AHTS vessels
100%
DRU | Financial interest in four drilling equipment |
contracts with Jurong Shipyard | |
contracts | |
Full economic interest3) | |
International drilling, well service and engineering company
Warrant structure and seller's credit agreement
North Sea drilling contractor
7%
Akastor © 2023 | 1) | Economic interest (100% legal ownership) | Slide 3 |
2) | Economic interest | ||
3) | Carve out from MHWirth in connection with merger with Baker Hughes SDS to form HMH |
Net Capital Employed of NOK 4.6bn as of 4Q 2022
Book value per share (NOK)
10.4 | 2.2 | 2.3 | 2.0 | 0.8 | -0.9 | 17.0 | -2.0 | 14.9 |
NOK million, 31 December 2022
231 | (237) | |||
536 | (553) | |||
636 | ||||
615 | ||||
4 645 | ||||
4 092 | ||||
2 863 | ||||
DRU contracts | Other | Net Capital | NIBD | Equity |
Employed | ||||
Akastor © 2023 | Slide 4 |
A global full-service offshore and onshore drilling equipment provider
Company overview
~2 100 own employees and contractors FTEs
Large installed base of 134 key offshore drilling rigs 1)
Operational headquarters in Kristiansand, Norway, and Houston, Texas
Drilling rig packages
Complete drilling rig packages; design & project execution
Drilling equipment
Product deliveries to offshore, onshore and non-oil (e.g. mining & civil)
Aftermarket / Services
Aftermarket services, spare parts, overhaul and training to global rig fleet
Digital technology
Digital solutions/ software for enhanced drilling efficiency
Key financials (USDm)
Revenue 2) | |
688 | 675 |
566 |
2020 | 2021 | 2022 |
Adj. EBITDA 2)
106 | EBITDA | % | ||
100 | ||||
86 | ||||
15% | 15% | 15% |
2020 | 2021 | 2022 |
Akastor © 2023 | 1) | Key fleet rigs are those that have either a PCS Pure Stack (annular and floater) or ESS topside package. Including rigs under construction and cold stacked rigs | Slide 5 |
2) | Pro-forma financials, IFRS. EBITDA adjusted for costs that are not part of normal operations incl. merger related costs. | ||
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Disclaimer
Akastor ASA published this content on 28 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 March 2023 08:48:04 UTC.
