Akastor Narrows Q3 Loss

Oilfield services investment company, Akastor, has managed to cut its loss in the third quarter of 2016, despite close to 50 percent revenue decrease on mostly lower impairments compared to the corresponding quarter in 2015.

The Oslo-listed company recorded loss of NOK 160 million ($19.6 million) for the third-quarter 2016 compared to loss off NOK 1.38 billion ($196 million) same time last year.

Akastor, as a group, generated some 47 per cent lower revenue (NOK 1.54 billion) in the third quarter from the same quarter one year earlier (NOK 2.88 billion).

EBITDA was NOK 127 million for the third quarter, versus NOK -126 million in 2015 first quarter.

The company now has five reporting segments: MHWirth, Frontica Business Solutions, AKOFS Offshore, KOP Surface Products, and other holdings, while Fjords Processing was sold to NOV.

AKOFS Offshore, a provider of vessel based subsea well construction and intervention services to the oil and gas industry, had revenue of NOK 190 million in the third quarter, compared to NOK 229 million a year earlier. The company now employs 167 people, up from 93 related to offshore personnel on Aker Wayfarer.

Akastor reported order intake in the quarter of NOK 1.1 billion, resulting in an aggregate backlog of NOK 7.7 billion. The group had 2,947 employees at the end of Q3.

Subsea World News Staff