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Akastor ASA (AKAS.OL)

AKAS.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Aker CEO says no plans to dilute stake in Aker BP
Thursday, 23 Nov 2017 

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 

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 

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 Q4 EBITDA falls to $20 mln, market remains challenging
Thursday, 16 Feb 2017 

Akastor ASA : Akastor Q4 EBITDA 166 million Norwegian crowns ($19.94 million) vs 495 million crowns in the 2015 fourth quarter . Akastor end-Q4 order backlog NOK 7.75 billion versus NOK 7.7 billion at end Q3 . Due to fewer rigs with MHWirth equipment in operations and reduced upgrade and modification DLS experienced lower activity in 2016 than in previous years . Akastor says sees a continued challenging market for 2017, driven by the reduced number of active rigs in operation affecting Drilling Lifecycle Services (DLS) revenues, and no significant newbuild activity .Akastor is Norway-based oil services investment company with a portfolio of industrial holdings and other investments.  Full Article

Norway's Akastor posts loss in Q2
Thursday, 14 Jul 2016 

Akastor : Q2 EBITDA NOK -45 million (NOK 141 million reported in Q2 2015, revised to NOK 176 million on Thursday) .Q2 order backlog NOK 15.01 billion (NOK 19.48 billion at end Q1).  Full Article

Keppel Corp to establish JV with Rosneft and MHWirth for design of offshore drilling units
Thursday, 19 May 2016 

Keppel Corporation Ltd : Joint venture with Rosneft and Mhwirth to establish design and engineering centre) . Shareholding of Keppel, Rosneft and Mhwirth in the JVCO will be 45%, 45% and 10% respectively . Transaction will not have any material impact on EPS of KCL for the financial year ending 31 December 2016 . Keppel corp- unit of Keppel Offshore & Marine enters shareholders agreement with Rn-Foreign Projects Ltd Liability and Mh Wirth Singapore Engineering Management . Jvco will establish a wholly-owned design and engineering centre in the Russian federation .  Full Article

Akastor ASA: Frontica signs 5-year deal with Aker Solutions
Monday, 8 Feb 2016 

Akastor ASA:Frontica signs five year contract with Aker Solutions to deliver staffing services, IT services and consultancy projects as well as business support services within HR, finance and procurement.Under the terms of the contract, Frontica will also contribute to productivity improvements and cost reductions in these areas for Aker Solutions.The contract value of outsourcing services (ITO and BPO) is estimated to be between 1-1.25 billion crowns annually over five years and will be reflected in Frontica's order backlog from first quarter of 2016.  Full Article