Akastor ASA: Third Quarter Results 2016

HIGHLIGHTS:

• EBITDA for continuing operations of NOK 127 million
• Net debt reduced by NOK 658 million to NOK 4.8 billion, working capital reduced by NOK 483 million to NOK 1 520 million, liquidity reserve at NOK 2.2 billion
• Several transactions announced;
  • Sold Managed Pressure Operations to AFGlobal for USD 10 million and potential earn out 
  • Creation of Mitsui/AKOFS 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
• AKOFS Offshore reached a final agreement with Petrobras regarding contracts.