Akastor ASA (0IPT) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, everyone, and welcome to the presentation of Akastor's second quarter results. My name is Øyvind Poske, CFO of Akastor, and I'm here today together with our CEO, Karl-Erik Kjellstad. We're also pleased to have our colleagues from HMH joining us from Houston, Mr. Tomek Yi, CFO, and Mr. David Bratton, SVP Finance. We'll start with some key highlights from Kalle, followed by an update on HMH from Tom and David. After that, I'll walk you through Akastor's consolidated financials before handing it back to Kalle for some closing remarks. As always, we'll wrap it up with a Q&A session. Please feel free to submit your questions at any time during the presentation using our web-based Q&A tool. With that, I'll hand it over to Kalle. Please, Kalle. Thank you, Eivind, and good afternoon and good morning to our US participants, and thank you to everyone for joining us this afternoon. Let us start with some key highlights for the second quarter at slide number two. We are pleased to announce a cash distribution of NOK 0.25 per share to our shareholders, supported by a strong cash flow in this quarter. This is aligned with our communicated strategy to return excess capital to shareholders while maintaining its own capital structure. HMH continues to deliver robust financial performance despite reduced offshore drilling activity and softer demand for spare parts. HMH reported an adjusted EBITDA of US$36 million and a margin of 17.7% in the quarter. HMH is continuing to keeping its S1 filing with the SEC updated, and the timing of a potential launch continues to be dependent on market conditions and sentiment. The book value of our shareholding in HMH remains at around 70% of our total net capital employed. With a book value of NOK 3.4 billion, per end of the quarter ...