Akastor — Earnings Release 2015

Nov 2, 2015

Akastor ASA: Third Quarter Results 2015

Akastor ASA: Third Quarter Results 2015

3Q Highlights

* EBITDA of NOK -169 million

- EBITDA of NOK 177 million when adjusted for special items

- Special items of NOK 346 million charged to EBITDA; mainly NOK 173 million

provision for onerous real

estate leases and NOK 142 million restructuring costs in MHWirth

- MHWirth reported EBITDA of NOK -184 million, including both restructuring

charge of NOK 142 million and

NOK 102 million loss in Managed Pressure Operations (MPO), a wholly-owned

MHWirth subsidiary

- Majority of the other portfolio companies delivered satisfactory

operational and financial performance

* EBIT of NOK -1 576 million

- AKOFS Seafarer impairment of NOK 1 037 million

- Other impairments of NOK 86 million

* Net debt and working capital were both stable at NOK 6.4 billion and NOK

3.0 billion, respectively; liquidity

reserve of NOK 1.6 billion

* Accelerating cost and capacity reductions

- Portfolio companies have initiated plans to reduce workforce by 33 percent

in aggregate

- MHWirth: expected financial savings of NOK 1.4 billion from initiated

workforce reductions

- AKOFS Seafarer: reduced operating expenses to < USD 10K/day by adjusting

operational preparedness

* Akastor has focused priorities:

- Supporting portfolio companies' efforts to adjust their cost base and

strategies to market environments

- Further developing Akastor as an investment company and value-enhancing

owner of businesses

- Processes ongoing to enhance financial flexibility through productive

dialogue with lenders and

continuously exploring transaction opportunities

For more Information, please contact:

Tore Langballe

Head of Communication

and Investor Relations

Tel: +47 21 52 58 10

E-mail: tore.langballe@akastor.com

Visiting Address: Oksenøyveien 10,

NO-1366 Lysaker, Norway

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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