Akastor

Earnings Release • Oct 30, 2025

Akastor ASA: Third Quarter Results 2025

Akastor ASA: Third Quarter Results 2025

Third Quarter Highlights:

* A cash dividend of NOK 0.40 per share will be paid on or around 14 November,

supported by full realization of holding in Odfjell Drilling and aligned

with strategy to return excess capital to shareholders.

* HMH revenues improved quarter-on-quarter and margins strengthened, with

adjusted EBITDA of USD 42 million and a 19% margin.

* AKOFS Offshore maintained high revenue utilization on Aker Wayfarer and

AKOFS Santos, while successfully completing the five-year Class Renewal

Survey (CRS) for AKOFS Seafarer.

* In October, AKOFS Santos was formally awarded a four-year MPSV contract with

Petrobras, commencing January 2027.

* Net capital employed decreased by NOK 0.2 billion during the quarter, to NOK

4.4 billion, primarily driven by the realization of Odfjell Drilling. Equity

stood at NOK 5.4 billion at quarter-end, corresponding to NOK 19.8 per

share.

Akastor CEO Karl Erik Kjelstad comments:

"We are pleased to announce a dividend of NOK 0.40 per share for the third

quarter ---our second distribution this year, following the successful

realization of our holding in Odfjell Drilling. This marks another important

step in our strategy to return excess capital to shareholders and demonstrates

our commitment to disciplined capital allocation. HMH continues to show

resilience, with revenues and margins improving quarter-on-quarter despite a

softer rig market. The ability to maintain a robust EBITDA margin highlights

the quality of the business and its capacity to deliver solid results in a

challenging environment."

HMH

HMH reported revenues of USD 217 million in the quarter, with an adjusted

EBITDA of USD 42 million, corresponding to an adjusted EBITDA margin of 19.3

percent.

Revenues from Aftermarket Services were USD 105 million in the quarter, up 26%

year-on-year and up 14% quarter-on-quarter driven by contract services. Order

intake within this segment was USD 99 million, up 42% year-on-year, mainly

driven by contract services, partly offset by lower field services and repair

activity. Quarter-on-quarter, intake increased 25%, supported by digital

technology orders and contract services, with some offset from field services

and repair activity.

Revenues from Spares were USD 58 million in the quarter, down 6% year-on-year

driven by softer global offshore activity and up 12% quarter-on-quarter driven

by a slight rebound of topside spares volume compared with prior quarter.

Order intake for 3Q 2025 was USD 56 million, down 18% year-on-year and down

13% quarter-on-quarter, driven by lower offshore spares order volume,

partially offset by an increase in international land spares activity.

Revenues from Projects, Products & Other were USD 54 million, down 16%

year-on-year driven by lower product volume and down 8% quarter-on-quarter

driven by decrease in projects partially offset by increasing product volume.

AKOFS Offshore

AKOFS Offshore reported revenues of USD 28 million and EBITDA of USD 3 million

for the quarter.

All three vessels---AKOFS Seafarer, AKOFS Santos, and Aker Wayfarer---operated

under their respective contracts throughout the period. Aker Wayfarer and

AKOFS Santos delivered revenue utilization of 97% and 94%, respectively. AKOFS

Seafarer achieved a revenue utilization of 49%, reflecting 45 days off-hire

for its five-year Class Renewal Survey (CRS), which was completed on time and

within budget.

In October, AKOFS Santos was formally awarded a new four-year MPSV contract

with Petrobras, expected to commence in January 2027. The total contract value

is USD 246 million, with approximately USD 140 million attributable to AKOFS.

An agreement was reached with MOL during the quarter to restructure AKOFS

Santos' debt, aligning ownership interests across all shareholder loans and

equity in AKOFS Offshore, including the Avium Subsea junior note, in which

Akastor currently holds a 33% interest. As part of this process, the Santos

senior debt will be extended to Q1 2027, with a commitment from an external

bank in place. The formal restructuring agreements are expected to be executed

in the fourth quarter of this year or the first quarter of next year.

DDW Offshore

DDW Offshore reported revenues of NOK 128 million and EBITDA of NOK 43 million

for the quarter, up from NOK 97 million and NOK 40 million, respectively, in

the same period last year. EBITDA in Q3 was impacted by certain non-recurring

vessel costs.

All vessels remained on contract in Australia throughout the third quarter,

delivering 100% revenue utilization. Skandi Atlantic and Skandi Peregrino

continued on their contracts with a major international oil company, which run

until January and March 2026, respectively, and each includes a total of 24

months of extension options. Skandi Emerald's contract with Petrofac ended in

late October 2025. The vessel has since demobilized to Singapore and is

currently on a short-term fixed contract through mid-November, after which it

will operate in the spot market ahead of its scheduled SPS early next year.

Financial holdings

Net financials were positive NOK 38 million in the quarter, driven by positive

contribution from our financial holdings, partly mitigated by a non-cash net

foreign exchange loss of NOK 23 million.

Share of net profit from equity-accounted investments contributed negatively

with NOK 0 million. HMH contributed positively with NOK 81 million, whilst

AKOFS Offshore contributed negatively with NOK 81 million.

Consolidated financial figures

Please note that Akastor's consolidated revenue and EBITDA include earnings

from subsidiaries, which represent a minor portion of the company's total Net

Capital Employed. As a result, the most relevant indicator of Akastor's value

development is the financial performance of its largest investments, such as

HMH, NES Fircroft, and AKOFS Offshore.

With this in mind, Akastor's consolidated revenue and EBITDA for the quarter

were NOK 130 million and NOK 27 million, respectively. Net profit in the third

quarter was NOK 57 million.

Financial calendar

Fourth Quarter Results 2025: February 12, 2026

Media Contact

Øyvind Paaske

Chief Financial Officer

Tel: +47 917 59 705

E-mail: oyvind.paaske@akastor.com

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.

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

announcement was published by Jing Li Taklo, Head of Financial Reporting,

Akastor ASA, on October 30, 2025, at 07:00 CET.