Akastor sees solid revenue growth in second quarter

Akastor posted its second quarter results on Friday, reporting revenue of NOK 873m, with growth of 25% from the previous year’s continuing operations, which saw revenue of NOK 1.153bn, though that was inclusive of AKOFS Offshore.

The company said EBITDA from continuing operations was NOK 78m, or NOK 193m also inclusive AKOFS Offshore.

Order intake was NOK 4.6bn during the period.

“[Akastor] signed definitive agreements to form [a] joint venture of AKOFS Offshore with Mitsui & Co and Mitsui O.S.K. Lines,” the Akastor board said of its highlights during the period.

“AKOFS Offshore entered into [a] five-year contract with Equinor for the AKOFS Seafarer vessel,” it added.

The company also invested $75m of preferred equity in Odfjell Drilling.