Akastor ASA: Fourth quarter and preliminary annual results 2016
Highlights:
Several transactions were announced and concluded, releasing approximately NOK 2.6 billion
in cash;
- Creation of Mitsui/AKOFS Offshore joint venture; cash release of USD 66 million
- Sale of Frontica Business Solutions to Cognizant for NOK 1 025 million
- Sale of Fjords Processing to National Oilwell Varco (NOV) for NOK 1 200 million
- Frontica Advantage joined NES Global Talent in January 2017
· EBITDA for continuing operations of NOK 166 million
· Net debt reduced by NOK 2.5 billion to NOK 2.6 billion
· Reduced working capital in continuing businesses by NOK 628 million to NOK 1.1 billion
___________________________________________________________________________
Media Contact:
Akastor
Tore Langballe, Head of Communications
+47 907 77 841
tore.langballe@akastor.com
This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.