Akastor

Akastor ASA: Update on DRU arbitration award amount

Reference is made to Akastor ASA's (OSE: AKAST) announcement dated 18 April 2024

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

tribunal imposed different orders for interest for sums awarded, including for

(i) unpaid invoices prior to termination, and (ii) the termination fees, both at

a rate of 8.5% per annum, compounded quarterly.

MHWirth AS ("MHW") and Akastor, together with its claim advisors, have completed

the calculation of interest awarded pursuant to the tribunal's arbitration

award, and have concluded that a total amount of about USD 65 million is due as

payment of interest. Accordingly, the total gross amount awarded to MHW in

respect of the DRU contracts is about USD 173 million, including interest.

The calculation on interest has been shared with Jurong Shipyard Pte Ltd

("Jurong"), who has responded that it does not agree with the calculation

but Jurong has not shared its own calculation. If the parties are unable to

agree on how interest shall be calculated, the tribunal may be asked to issue

further directions in that regard.

Although the DRU contracts are held by MHW, which is a wholly owned subsidiary

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

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

More information on the accounting impact of the DRU arbitration award will be

given in the presentation of first quarter 2024 financial results on Thursday 25

April 2024.

For further information, please contact:

Øyvind Paaske

Chief Financial Officer

Tel: +47 917 59 705

Eirik Thomassen

General Counsel

Tel: +47 99 51 35 80

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 22 April 2024 at 07:30 CET.

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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.

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