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Akastor ASA: First Quarter Results 2015

The first quarter has been characterized by significant challenges for
MHWirth, as the company is adapting to the current market situation. Overall,
the remaining portfolio companies have had satisfactory performance during
the quarter. The focus for Akastor going forward is to develop and strengthen
each of the companies in the investment portfolio, while maintaining the
flexibility to act opportunistically.

Update 1Q 2015

Akastor as an investment company:

* Exposed to the challenging oilfield service market, in particular the
drilling segment
* Significant cost reduction activities initiated in portfolio companies in
response to the shifting market
* Developing and implementing value creation plans for portfolio companies
* Strengthening the investment team further
* Sold remaining 17 percent share of a property in the Oslo area, with a gain
of NOK 37 million
Akastor's portfolio:

* Revenues of NOK 4 546 million
* EBITDA of NOK 177 million, with a margin of 3.9 percent
* Restructuring cost of NOK 40 million in MHWirth, charged to the EBITDA of
NOK 177 million
* Order intake of NOK 3.1 billion, giving an order backlog of NOK 20.0
* Net interest bearing debt of NOK 5.9 billion
* Continued very challenging market for MHWirth
* Significant cost reduction activities implemented in MHWirth, reducing
workforce by 750 persons
* AKOFS Seafarer acquired for USD 122.5 million, financed with new bank debt

The complete 1st quarter 2015 report and presentation will be available
Webcast link:
Dial in details:
Local - USA + 1646 254 3366
Local - UK +44 (0) 20 3427 1900
Local - Norway +47 2350 0486
Confirmation Code: 1369317

For further information, please contact:
Tore D. Langballe
Head of Communications and Investor Relations
Mob: +47 907 77 841

Akastor ASA is an oilfield services investment company with a flexible mandate
for long-term value creation. The company exercises active ownership
combining a range of strategic, operational and financial measures to develop
and unlock the full value potential of its portfolio of companies. Akastor
ASA employs approximately 7,400 people.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

1Q 2015 Presentation
1Q 2015 Report


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Akastor ASA via Globenewswire


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