Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €1.27, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Energy Services industry in Europe. Total returns to shareholders of 63% over the past three years. Announcement • Nov 10
Akastor ASA, Annual General Meeting, Apr 14, 2026 Akastor ASA, Annual General Meeting, Apr 14, 2026. Announcement • Oct 30
Akastor ASA to Report Q4, 2025 Results on Feb 12, 2026 Akastor ASA announced that they will report Q4, 2025 results on Feb 12, 2026 Announcement • Jul 12
An undisclosed buyer acquired 6.43% stake in Akastor ASA (OB:AKAST) from Apollo Asset Limited. An undisclosed buyer acquired 6.43% stake in Akastor ASA (OB:AKAST) from Apollo Asset Limited on July 11, 2025.
An undisclosed buyer completed the acquisition of 6.43% stake in Akastor ASA (OB:AKAST) from Apollo Asset Limited on July 11, 2025. Announcement • Apr 24
Akastor ASA Elects Eva Sagemo as New Director The Annual General Meeting of Akastor ASA was held on 24 April 2025, elected Eva Sagemo was elected as a new director, both for a term of two-years. The board of directors now comprises of: Frank Reite (chairperson); Lone Fønss Schrøder (deputy chairperson); Svein Oskar Stoknes (director); Eva Sagemo (director); and Luis Antonio G. Araujo (director). Announcement • Mar 28
Akastor Asa Announces Kathryn M. Baker Notifies She Is Not Available for Re-Election, and the Committee Akastor ASA announced that Kathryn M. Baker has notified that she is not available for re-election as director, and the committee. Announcement • Feb 13
Mitsui O.S.K. Lines, Ltd. (TSE:9104) completed of acquisition of an additional 8.3% stake in AKOFS Offshore AS from Akastor ASA (OB:AKAST). Mitsui O.S.K. Lines, Ltd. (TSE:9104) entered into transaction agreement to acquire an additional 8.3% stake in AKOFS Offshore AS from Akastor ASA (OB:AKAST) on January 14, 2025. Upon completion, Mitsui O.S.K. Lines, Ltd. will own 33.30% stake in AKOFS Offshore AS.
The transaction is expected to complete in later in Q1 2025.
Mitsui O.S.K. Lines, Ltd. (TSE:9104) completed of acquisition of an additional 8.3% stake in AKOFS Offshore AS from Akastor ASA (OB:AKAST) on February 12, 2025. The transfer has now been completed in accordance with the agreed terms, whereby Akastor and MOL now control 2/3 and 1/3 of the shares in AKOFS Offshore, respectively. Announcement • Jan 15
Mitsui O.S.K. Lines, Ltd. (TSE:9104) entered into transaction agreement to acquire an additional 8.3% stake in AKOFS Offshore AS from Akastor ASA (OB:AKAST). Mitsui O.S.K. Lines, Ltd. (TSE:9104) entered into transaction agreement to acquire an additional 8.3% stake in AKOFS Offshore AS from Akastor ASA (OB:AKAST) on January 14, 2025. Upon completion, Mitsui O.S.K. Lines, Ltd. will own 33.30% stake in AKOFS Offshore AS.
The transaction is expected to complete in later in Q1 2025. Announcement • Jan 14
Akastor ASA (OB:AKAST) completed the acquisition of an additional 25% stake in AKOFS Offshore AS from Mitsui & Co., Ltd. (TSE:8031). Akastor ASA (OB:AKAST) signed an agreement to acquire an additional 25% stake in AKOFS Offshore AS from Mitsui & Co., Ltd. (TSE:8031) for $22.5 million on November 6, 2024. The purchase price, after certain adjustments, is $22.5 million, of which $15 million is payable at closing and remaining $7.5 million is payable in two equal tranches in June and December 2025. The agreement is entered into on an "as is" basis and includes all of Mitsui & Co. interests in AKOFS Offshore, which includes both equity and shareholder loans. As part of the transaction, Akastor also assumes Mitsui's exposure under the guarantee structure related to the financing of "AKOFS Santos". Following completion of the transaction, Akastor will hold 75% of the shares in AKOFS Offshore while the remaining 25% will remain owned by Mitsui O.S.K. Lines, Ltd. As part of the transaction, Akastor and MOL as remaining shareholders will negotiate and enter into a new shareholders agreement, on substantially similar terms but suitably adjusted to reflect the changed ownership. AKOFS Offshore will remain classified as a joint venture and accounted for using the equity method in the consolidated financial statements. The transaction is subject to customary regulatory approvals and is expected to take place in early first quarter of 2025. Arctic Securities AS acted as financial advisor to Akastor ASA. Advokatfirmaet BAHR AS acted as legal advisor to Akastor ASA.
Akastor ASA (OB:AKAST) completed the acquisition of an additional 25% stake in AKOFS Offshore AS from Mitsui & Co., Ltd. (TSE:8031) on January 14, 2025. Announcement • Nov 06
Akastor ASA (OB:AKAST) signed an agreement to acquire an additional 25% stake in AKOFS Offshore AS from Mitsui & Co., Ltd. (TSE:8031) for $22.5 million. Akastor ASA (OB:AKAST) signed an agreement to acquire an additional 25% stake in AKOFS Offshore AS from Mitsui & Co., Ltd. (TSE:8031) for $22.5 million on November 6, 2024. The purchase price, after certain adjustments, is $22.5 million, of which $15 million is payable at closing and remaining $7.5 million is payable in two equal tranches in June and December 2025. The agreement is entered into on an "as is" basis and includes all of Mitsui & Co. interests in AKOFS Offshore, which includes both equity and shareholder loans. As part of the transaction, Akastor also assumes Mitsui's exposure under the guarantee structure related to the financing of "AKOFS Santos". Following completion of the transaction, Akastor will hold 75% of the shares in AKOFS Offshore while the remaining 25% will remain owned by Mitsui O.S.K. Lines, Ltd. As part of the transaction, Akastor and MOL as remaining shareholders will negotiate and enter into a new shareholders agreement, on substantially similar terms but suitably adjusted to reflect the changed ownership. AKOFS Offshore will remain classified as a joint venture and accounted for using the equity method in the consolidated financial statements. The transaction is subject to customary regulatory approvals and is expected to take place in early first quarter of 2025. Arctic Securities AS acted as financial advisor to Akastor ASA. Advokatfirmaet BAHR AS acted as legal advisor to Akastor ASA. Announcement • Nov 02
Akastor ASA, Annual General Meeting, Apr 24, 2025 Akastor ASA, Annual General Meeting, Apr 24, 2025. Reported Earnings • Nov 01
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr99.0m (up 60% from 3Q 2023). Net income: kr6.00m (up kr106.0m from 3Q 2023). Profit margin: 6.1% (up from net loss in 3Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is expected to decline by 36% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Europe are expected to grow by 2.4%. Announcement • Oct 30
Akastor ASA to Report Q4, 2024 Results on Feb 13, 2025 Akastor ASA announced that they will report Q4, 2024 results on Feb 13, 2025 Announcement • Oct 21
Akastor ASA Appoints Dan Rabun as Chairman of the Board of Directors Akastor ASA's announced that Mr. Daniel "Dan" W. Rabun has been appointed as Chairman of the Board of Directors effective October 21, 2024. Mr. Rabun is a seasoned executive with extensive leadership experience across multiple industries, having held key roles such as CEO, Chairman, and Board member at major companies, including Ensco plc, Golar LNG Ltd, ChampionX Corporation, Borr Drilling, and APA Corporation. Reported Earnings • Jul 12
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: kr91.0m (up 42% from 2Q 2023). Net income: kr898.0m (up kr990.0m from 2Q 2023). Revenue is expected to decline by 37% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Europe are expected to grow by 2.3%. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €1.43, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Energy Services industry in Europe. Total returns to shareholders of 147% over the past three years. Reported Earnings • Apr 26
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr642.0m (up kr574.0m from 1Q 2023). Net income: kr594.0m (up kr630.0m from 1Q 2023). Profit margin: 93% (up from net loss in 1Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is expected to decline by 35% p.a. on average during the next 2 years, while revenues in the Energy Services industry in Europe are expected to grow by 1.3%. Reported Earnings • Mar 25
Full year 2023 earnings released: kr1.42 loss per share (vs kr1.22 loss in FY 2022) Full year 2023 results: kr1.42 loss per share (further deteriorated from kr1.22 loss in FY 2022). Revenue: kr282.0m (up 4.8% from FY 2022). Net loss: kr386.0m (loss widened 17% from FY 2022). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 19
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr311m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. This is currently the only risk that has been identified for the company. New Risk • Feb 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr311m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 16
Full year 2023 earnings released Full year 2023 results: Revenue: kr282.0m (down 73% from FY 2022). Net loss: kr386.0m (loss widened 38% from FY 2022). Revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 1.7% growth forecast for the Energy Services industry in Europe. New Risk • Jan 25
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: kr497m Forecast net loss in 2 years: kr1.1m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr328m). Currently unprofitable and not forecast to become profitable over next 2 years (kr1.1m net loss in 2 years). New Risk • Nov 02
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -kr328m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr328m). Currently unprofitable and not forecast to become profitable over next 2 years (kr19m net loss in 2 years). Announcement • Oct 27
Akastor ASA to Report Q4, 2023 Results on Feb 14, 2024 Akastor ASA announced that they will report Q4, 2023 results on Feb 14, 2024 New Risk • Jul 16
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: kr315m Forecast net loss in 2 years: kr1.7m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 14
Second quarter 2023 earnings released: kr0.35 loss per share (vs kr0.21 profit in 2Q 2022) Second quarter 2023 results: kr0.35 loss per share (down from kr0.21 profit in 2Q 2022). Revenue: kr64.0m (down 4.5% from 2Q 2022). Net loss: kr92.0m (down 261% from profit in 2Q 2022). Revenue is expected to decline by 47% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Europe are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 02
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr68.0m (up 19% from 1Q 2022). Net loss: kr36.0m (loss narrowed 76% from 1Q 2022). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 17
Full year 2022 earnings released Full year 2022 results: Revenue: kr1.06b (up 11% from FY 2021). Net loss: kr280.0m (loss widened 27% from FY 2021). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Energy Services industry in Europe. Announcement • Dec 23
Diamond Key International Pty Limited entered into a share purchase agreement to acquire Aker Cool Sorption A/S from Akastor ASA (OB:AKAST) for DKK 20.4 million. Diamond Key International Pty Limited entered into a share purchase agreement to acquire Aker Cool Sorption A/S from Akastor ASA (OB:AKAST) for DKK 20.4 million on December 22, 2022. Consideration is DKK 20.4 million on a cash and debt free basis. Closing is expected to take place during Q1 2023. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Chairman Frank Reite was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr251.0m (up 9.6% from 3Q 2021). Net income: kr89.0m (up kr169.0m from 3Q 2021). Profit margin: 36% (up from net loss in 3Q 2021). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Energy Services industry in Europe. Announcement • Oct 28
Akastor ASA to Report Q4, 2022 Results on Feb 15, 2023 Akastor ASA announced that they will report Q4, 2022 results on Feb 15, 2023 Reported Earnings • Jul 15
Second quarter 2022 earnings released: EPS: kr0.23 (vs kr0.14 in 2Q 2021) Second quarter 2022 results: EPS: kr0.23 (up from kr0.14 in 2Q 2021). Revenue: kr260.0m (down 5.5% from 2Q 2021). Net income: kr64.0m (up 68% from 2Q 2021). Profit margin: 25% (up from 14% in 2Q 2021). Over the next year, revenue is expected to shrink by 20% compared to a 21% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 13% per year. Reported Earnings • May 01
First quarter 2022 earnings released First quarter 2022 results: kr0.44 loss per share. Revenue: kr264.0m (up 31% from 1Q 2021). Net loss: kr120.0m (loss widened 82% from 1Q 2021). Over the next year, revenue is expected to shrink by 21% compared to a 19% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 14% per year. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Director Luis Antonio Araujo was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 21
Akastor Asa Elects Frank Reite as Chairperson Akastor ASA elected three shareholder-appointed directors to the board. Frank Reite was elected as chairperson to replace Kristian Røkke, who resigned, and Lone Fønss Schrøder and Svein Oskar Stoknes were both re-elected for aperiod of two years. Reported Earnings • Apr 02
Full year 2021 earnings released: kr0.81 loss per share (vs kr1.97 loss in FY 2020) Full year 2021 results: kr0.81 loss per share (up from kr1.97 loss in FY 2020). Revenue: kr953.0m (up 16% from FY 2020). Net loss: kr221.0m (loss narrowed 59% from FY 2020). Over the next year, revenue is expected to shrink by 8.8% compared to a 21% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 15% per year. Announcement • Mar 31
Akastor ASA Announces Executive Changes Akastor ASA announced that Kristian M. Røkke will resign as chairperson of the board on the general meeting of Akastor ASA on April 20, 2022. The nomination committee proposes that Frank O. Reite, former CEO in Akastor and previous holder of a variety of executive positions in the Aker group, is elected as chairperson of the board for two years thereby replacing Røkke. Reported Earnings • Feb 11
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: kr953.0m (down 79% from FY 2020). Net loss: kr221.0m (loss narrowed 53% from FY 2020). Revenue exceeded analyst estimates by 19%. Over the next year, revenue is expected to shrink by 8.8% compared to a 20% growth forecast for the industry in Germany. Reported Earnings • Nov 03
Third quarter 2021 earnings released The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: kr229.0m (up 19% from 3Q 2020). Net loss: kr80.0m (loss widened 78% from 3Q 2020). Reported Earnings • Jul 18
Second quarter 2021 earnings released: EPS kr0.14 (vs kr0.099 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr275.0m (up 36% from 2Q 2020). Net income: kr38.0m (up kr65.0m from 2Q 2020). Profit margin: 14% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Reported Earnings • May 04
First quarter 2021 earnings released: kr0.24 loss per share The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: kr201.0m (down 86% from 1Q 2020). Net loss: kr66.0m (loss narrowed 78% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Executive Departure • Apr 17
Director has left the company On the 15th of April, Sarah Ryan's tenure in the role of Director ended. As of December 2020, Sarah personally held only 5.00k shares (€3.3k worth at the time). Sarah is the only executive to leave the company over the last 12 months. Reported Earnings • Mar 27
Full year 2020 earnings released: kr1.72 loss per share (vs kr0.57 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: kr4.58b (down 15% from FY 2019). Net loss: kr466.0m (down 403% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 02
New 90-day high: €0.71 The company is up 1.0% from its price of €0.70 on 02 December 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 16% over the same period. Analyst Estimate Surprise Post Earnings • Feb 16
Revenue misses expectations Revenue missed analyst estimates by 19%. Over the next year, revenue is forecast to grow 27% compared to a 5.0% decline forecast for the Energy Services industry in Germany. Reported Earnings • Feb 14
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: kr4.58b (down 15% from FY 2019). Net loss: kr473.0m (down 407% from profit in FY 2019). Is New 90 Day High Low • Jan 30
New 90-day low: €0.57 The company is down 7.0% from its price of €0.61 on 30 October 2020. The German market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 38% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.62 per share. Announcement • Dec 17
Aker Solutions Wins Hook-Up and Commissioning Assistance Contract for Johan Sverdrup Aker Solutions has signed a contract to deliver hook-up and commissioning assistance of the P2 processing platform at Equinor'sJohan Sverdrup field offshore Norway. Onshore preparation work starts immediately. Offshore hook-up work will start in 2022 after the platform has been installed offshore and will commence until production start in the fourth quarter of 2022. The contract has an estimated value of about NOK 500 million. The Johan Sverdrup field with a total of five offshore platforms is one of the world's largest oil and gas developments in recent years. Aker Solutions has been involved in all project development stages of Johan Sverdrup Phase 1, including hook-up and commissioning assistance to prepare production start of the first phase in 2019. The new platform for Phase 2 will be the second processing platform at the Johan Sverdrup field. The scope includes hook-up and commissioning of the systems at the new topside, as well as assistance in making it ready for production start. Work also includes connecting the platform to other systems at the previously installed platforms at the field. The contract will be executed by Aker Solutions' team for offshore work based in Stavanger, Norway, together with specialists from other parts of the company. The contract will be booked as order intake in the fourth quarter of 2020 in the Electrification, Maintenance and Modifications segment. Is New 90 Day High Low • Nov 11
New 90-day high: €0.70 The company is up 24% from its price of €0.57 on 12 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.28 per share. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total losses of kr210.0m, with losses narrowing by 23% from the prior year. Total revenue was kr5.16b over the last 12 months, up 5.3% from the prior year. Announcement • Oct 30
Akastor ASA to Report Q4, 2020 Results on Feb 11, 2021 Akastor ASA announced that they will report Q4, 2020 results on Feb 11, 2021 
