Akastor (AKAST) Q4 2024 earnings summary

Executive summary

• HMH achieved adjusted EBITDA of USD 168 million for 2024, up 27% year-over-year, with Q4 EBITDA at USD 47 million and revenue at USD 232 million.

• AKOFS Offshore secured a three-year, USD 300 million contract extension with Equinor, and Akastor increased its stake to 66.7% through transactions with Mitsui and MOL.

• DDW Offshore increased backlog to USD 38 million, with all vessels in operation and new contracts supporting 2025 outlook.

• Transitioned from net debt to a net cash position, enhancing financial flexibility and liquidity.

• All key operating segments reported solid performance and contract backlogs, positioning the company well for 2025.

Financial highlights

• HMH Q4 2024 revenue was USD 232 million, up 11% year-over-year; full-year revenue reached USD 843 million, up 7% year-over-year.

• HMH Q4 adjusted EBITDA was USD 47 million, with a margin of 20.4%; full-year adjusted EBITDA was USD 168 million, up 27% year-over-year.

• HMH Q4 order intake was USD 211 million; FY 2024 order intake was USD 793 million.

• AKOFS Offshore Q4 revenue was USD 34 million, EBITDA USD 8 million; all vessels operated under contract with high utilization.

• Net profit for Q4 was NOK 150 million; full-year net profit was NOK 1,653 million.

Outlook and guidance

• HMH continues to update its S-1 filing for a potential IPO, with timing dependent on market conditions.

• NES Fircroft is exit-ready, with alternatives including a potential listing being explored.

• Strategy remains to develop portfolio companies and execute value-enhancing exits when market conditions are favorable.

• Well positioned for 2025, with strong contract backlogs and ongoing strategic initiatives.

• Confident in executing transactions in 2025 to return proceeds to shareholders.