Aker Asa A Shs (AKAAF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the presentation of Auker's first quarter results for 2025. My name is Christina Chardom and I am head of communications at Auker. We will begin today's presentation with Auker's president and CEO, Eivind Eriksson, who will take you through the quarterly highlights and recent developments in the portfolio. Our chief financial officer, Sven-Oskar Stocknes, will then cover the quarterly financials in more detail. After the presentation, we will host a Q&A session. And with that, I hand it over to Eivind Eriksen. Thank you, Kristina, and good morning, everyone. Before we dive into the first quarter results, I want to address this morning's announcement regarding Acure Horizons and Acure Carbon Caption. To summarize, the transaction includes the following steps. First, Acure Horizons. Aker Horizons will merge with Aker Against Consideration, whereby Aker Horizons shareholders will receive shares in Aker ASA and cash for each Aker Horizons share. Aker ASA will use treasury shares or issue new shares to settle this. Using existing cash, Accorizon's 2.5 billion Norwegian kroner green bond will be redeemed before its maturity date in August, which will reduce future interest costs. Bondholders in the convertible loan will be offered a buyout option at 93% of the par value before maturity. Aker Capital will retain 1.3 billion kroner of the 1.6 billion loan. The second transaction is with Aker Carbon Capture, whereby Aker Carbon Capture's 20% ownership interest in the joint venture with SLB, SLB Capturi, for a cash consideration. A counter guarantee will be offered by ARCA to cover the ACC parent company's guarantees and liabilities toward SLB. This will increase distributable reserves in ACC and its subsidiary, ensuring a significant liquidity even...