Akastor

Akastor ASA: DRU arbitration award - Settlement of interest and costs

Reference is made to Akastor ASA's (OSE:AKAST) announcements dated 18 and 22

April 2024 on the arbitration award issued in respect of the DRU contracts. The

parties to the arbitration have reached an agreement on settlement of the claims

that remain unpaid, which includes interest and certain costs, whereby USD 68

million ("Settlement Sum") shall be paid to MHWirth AS as full and final

settlement. Payment of the Settlement Sum shall be made within Q2 and comes in

addition to the amount mentioned in Akastor's announcement dated 26 April 2024.

Although the DRU contracts are held by MHWirth AS, which is a wholly owned

subsidiary of HMH Holding B.V. ("HMH"), Akastor holds full financial interest in

these contracts as this was not included in the transaction when HMH was created

in 2021.

The Settlement Sum will be booked in Akastor's Q2 2024 financials, whereby an

accounting income of USD 68 million will be recognized.

For further information, please contact:

Øyvind Paaske

Chief Financial Officer

Tel: +47 917 59 705

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act. This stock exchange

release was published by Jing Taklo, Head of Financial Reporting, Akastor ASA,

on 21 May 2024 at 07:30 CET.

****

Akastor is a Norway-based oil-services investment company with a portfolio of

industrial holdings and other investments. The company has a flexible mandate

for active ownership and long-term value creation.

AI Terminal