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Akastor ASA (AKAS.OL)

AKAS.OL on Oslo Stock Exchange

16.22NOK
23 Feb 2018
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Latest Key Developments (Source: Significant Developments)

Akastor's Q4 EBITDA drops year-on-year
Tuesday, 13 Feb 2018 01:08am EST 

Feb 13 (Reuters) - Akastor Asa ::AKASTOR Q4 EBITDA NOK ‍167​ MILLION VERSUS YEAR-AGO NOK 193 MILLION.‍TOTAL REVENUES WERE NOK 1,098 MILLION, COMPARED TO REVENUES OF NOK 1,288 MILLION THE SAME QUARTER PREVIOUS YEAR​.THE ORDER INTAKE FOR AKASTOR IN THE QUARTER WAS NOK 1.3 BILLION, RESULTING IN AN AGGREGATE ORDER BACKLOG OF NOK 6.9 BILLION‍​.  Full Article

Aker CEO says no plans to dilute stake in Aker BP
Thursday, 23 Nov 2017 03:47am EST 

Nov 23 (Reuters) - Aker ASA Chief Executive Oeyvind Eriksen said::No plans to take Akastor private, will continue to be listed.Says has no plans to dilute stake in Aker BP.Wants to explore Kvaerner growth opportunities, both geografically and accross the business portfolio.  Full Article

Norway's Akastor Q3 EBITDA at NOK 54 mln, net debt falls
Wednesday, 25 Oct 2017 01:00am EDT 

Oct 25 (Reuters) - Akastor Asa :Q3 EBITDA at NOK 54 million, including several special items with a total negative value of NOK 79 million​.Net debt reduced by NOK 0.9 billion to NOK 2.4 billion, including financial leases of NOK 1.4 billion.  Full Article

Akastor and Mitsui to expand partnership
Wednesday, 25 Oct 2017 12:57am EDT 

Oct 25 (Reuters) - Akastor Asa :Akastor asa: akastor and mitsui seek to expand partnership.‍announced today that it is in advanced discussions with mitsui & co., ltd. ("mitsui"), a leading japanese trading and investment company, to further expand their current partnership to include akofs offshore​.‍mitsui, together with potential partners, will invest in akofs by purchasing 50% of shares in company to form a new 50-50 joint venture​.‍mitsui, together with potential partners, will invest in akofs by purchasing 50% of shares in company to form a new 50-50 joint venture​.‍transaction is expected to result in an initial net cash release to akastor of approximately usd 142 million for shares in akofs, with a potential further cash release depending on earnings generated by akofs seafarer vessel in coming years​.‍completion of transaction is expected to occur in q1 2018​.‍through transaction, mitsui will assume an active role in further support and development of akofs together with akastor as a long-term business partner​.‍transaction still remains subject to agreement on final terms and conditions, final due diligence, entry of definitive agreements between akastor and mitsui and bod approvals for all respective parties​.‍completion of transaction is expected to occur in q1 2018​.  Full Article

Akastor's MHWirth takes stake in ESD
Monday, 25 Sep 2017 05:09am EDT 

Sept 25 (Reuters) - Akastor Asa :Akastor asa: mhwirth investing in electrical subsea & drilling.Mhwirth becomes an owner and establishes a market and technology partnership with norwegian technology company electrical subsea & drilling.Electrical Subsea & Drilling (ESD) is working on the development and qualification of two drilling technologies; all electric control of Blow Out Preventers (BOP) and a durable Rotating Control Device (RCD) for Managed Pressure Drilling (MPD).MHWirth has over the last years developed new well barrier technology for BOP. This technology has now been transferred to ESD for the consideration of 20% of the shares in ESD.  Full Article

Akastor completes sale of KOP Surface Products to Weir Group
Friday, 28 Jul 2017 01:00am EDT 

July 28 (Reuters) - Akastor Asa ::Akastor completes sale of Kop Surface Products to the Weir Group Plc.All closing conditions have been fulfilled. The closing of the transaction took place on July 27, 2017 according to the terms and conditions described in the release from June 12 nASN0007QC.The transaction will generate an estimated accounting gain of approximately NOK 700 million to Akastor to be recognized in the third quarter results.  Full Article

Akastor to sell KPO Surface to Weir for $114 mln
Monday, 12 Jun 2017 02:00am EDT 

June 12 (Reuters) - Akastor Asa :Agrees to sell KOP Surface Products to the Weir Group plc.Definitive agreement to sell kop surface products ("kop") to weir group plc ("weir") (lon:weir) for usd 114 million on a debt- and cash-free basis.Transaction will generate an estimated accounting gain of approximately nok 700 million to akastor to be recognized upon closing, expected to occur in q3 2017.Completion of transaction is subject to customary closing conditions. Ba-Hr lawfirm has acted as legal advisor.KOP is headquartered in Singapore and is a supplier of surface wellheads, trees, valves and actuators to the oil and gas industry.  Full Article

Weir says to buy oil & gas tech provider KOP Surface for $114 mln ​
Monday, 12 Jun 2017 02:00am EDT 

June 12 (Reuters) - Weir Group Plc ::‍Weir acquires leading oil and gas technology provider kop surface products . Acquisition of KOP 1 for c.us$114m (£89m 2 )​.Acquires leading oil and gas technology provider KOP Surface Products for c.us$114m.‍Full Year expectations unchanged with profits h2 weighted as previously indicated​.‍Integration costs are expected to total us$2m and generate run rate annual cost and procurement synergies of c.us$2m by end of that period​.‍completion is subject to fulfilment of certain conditions and is anticipated to take place in q3 2017​.Deal to be ‍funded through issue of new ordinary shares equivalent to approximately 2% of issued capital.Order input trends in April and May were in line with expectations and the Group's full year guidance for 2017 is unchanged​.  Full Article

Aker CEO says no ongoing talks on M&A of its oil service firms
Thursday, 11 May 2017 03:53am EDT 

May 11 (Reuters) - Aker Asa CEO Oeyvind Eriksen told analysts during presentation of the company's first-quarter results on Thursday::Aker has no ongoing negotiations regarding M&A in its oil service companies.Aker continues to explore opportunities for our business."I expect more consolidation to come... But it's more of a continued dialogue... It's a big topic discussed in the oil service industry as we speak".Aker holds stakes in oil service firms Aker Solutions AKSO.OL, Akastor <<>> and Kvaerner <<>>.  Full Article

Norway's Akastor sees slower decline in rig market activity
Wednesday, 3 May 2017 01:08am EDT 

May 3 (Reuters) - Akastor Asa :Akastor Q1 ebitda nok 59 million vs loss NOK 48 mln in Q1 2016.Akastor Q1 EBIT loss NOK 102 mln vs loss NOK 264 mln in q1 2016.Net debt at nok 3.0 billion.Akastor end-q1 order backlog nok 7.4 billion versus nok 7.75 billion at end q4.Continues to see a challenging market for 2017 driven by fewer active rigs in operation and reduced project work.But there are indications in recent months that the decline in rig market activity has slowed.  Full Article