Celebrity shares sharply up after arbitration verdict

The case is updated.

Akastor presented figures for the first quarter on Thursday morning.

The result was characterized by the final verdict in the DRU case, which resulted in a positive accounting effect of NOK 599 million. Compensation for interest, which is estimated at around USD 65 million, will be accounted for in the second quarter.

Turnover ended at NOK 642 million, up from NOK 68 million in the same period last year. Operating profit came in at NOK 567 million, which sent the result after tax to NOK 593 million, compared to a loss of NOK 23 million the previous year.

Net capital employed was NOK 5.5 billion, while book equity was NOK 4.9 billion at the end of the quarter. Booked equity corresponds to NOK 17.20 per stock.

– First of all, we were particularly pleased to receive the DRU assessment, which resulted in positive accounting effects and a significant increase in net capital employed in the first quarter. The measurement is also an important step for Akastor towards the refinancing of our current financing facilities, says CEO Karl Erik Kjelstad.

Hmmm

The investment company, dominated by Kjell Inge Røkke, has stakes in several companies. The largest investment, the drilling package supplier HMH (formerly MHWirth), was spun off in 2021 in a joint venture where Akastor now owns 50 percent.

HMH delivered a turnover of 193 million dollars, up from 186 million last year. The result before depreciation and write-downs, EBITDA, increased from 19 million in the first quarter of 2023 to 33 million dollars this year.

– Furthermore, HMH continues to deliver solid results driven by high activity within the aftermarket, which, together with a robust order intake during the period, positions the company for further growth going forward, says the boss.

Staffing company NES Fircroft is also a major investment.

The company delivered a turnover of 697 million dollars in the first quarter and an EBITDA of 32 million dollars. This is up from 622 and 27 million dollars respectively in the same period last year.

WATCH LIVE: Webcast from the quarterly presentation at 3 p.m