Akastor Returns to Profit

Oilfield services investment company Akastor recorded profit of NOK 62 million ($7 million) for the first-quarter 2019 compared to loss of NOK 19 million ($2 million) same time in 2018.

The Oslo-listed company as a group generated some 21 per cent higher revenue (NOK 1.1 billion) in the Q1 2019 from the same quarter one year earlier (NOK 881 million).

Quarterly EBITDA was NOK 92 million, versus NOK 63 million in Q1 2018 second quarter.

AKOFS Offshore, a provider of vessel based subsea well construction and intervention services to the oil and gas industry, had revenue of NOK 258 million in the quarter, compared to NOK 262 million a year earlier.

Akastor reported order intake in the quarter of NOK 1.14 Billion, resulting in a backlog of NOK 2.7 billion.

Subsea World News Staff