Aker ASA: First quarter results 2020
The fight against COVID-19 by closing borders and business comes at a cost. Oil consumption dropped significantly, and the oil price decreased 65.5 per cent in the first quarter. Consequently, the Net Asset Value (“NAV”) of Aker ASA (“Aker”) decreased by 52 per cent to NOK 24.1 billion (NOK 325 per share). Aker’s liquidity reserve, including cash deposits and undrawn credit facilities, stood at NOK 6.1 at the end of the first quarter. During the second quarter, it increased to NOK 7.2 billion.The Aker share decreased 57 per cent in the first quarter, compared to a 65.5 per cent drop in oil