Kristian Røkke
the Market applaud the Akastor ceo Kristian Røkke milliardsalg and sending the stock up 13 percent. – There have been some heavy moments, but I’m proud of the job the company as a whole has done, he says to DN.
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It was a happy Kristian Røkke, who met DN after having put forth the quarterly results of the oil service sector-the investment company Akastor, where Røkke is the managing director.
After several successful sales in the quarter went Akastor, which was created when the core business in the old Aker Solutions was spun off into a new company, in plus, with an adjusted operating profit (ebitda) of nok 127 million, respectively.
Børsfest
At the forefront of resultatfremleggelsen had a number of brokerage firms upgraded their price target on Akastor shares and the market responded by sending the stock up over 21 per cent in the course of Tuesday.
In spite of the good results, is not Completed optimistic for the future. Under kvartalspresentasjonen he said that the company “must face the brutal facts we are facing”.
” We still see a challenging market over time, says Røkke towards the DN.
Tough market
The largest business within Akastor is boreteknologiselskapet MH Wirth, who is struggling in a challenging riggmarked.
the offshore market as a whole has been tough both for oil producers and oljeserviceselskaper since oil prices fell from over 115 dollars a barrel in 2014 to around 50 per barrel today. Røkke refers to Akastors chief financial officer Leif Borge on the question whether the bottom has been reached yet.
- In the offshore market, which we largely are exposed to, we expect that the bottom will come sometime in 2017. But one can never be sure, ” says Borge.
How difficult has it been to achieve these results in a challenging market?
- There have been some heavy moments, but I’m proud of the job the company as a whole has made in order to achieve the good results we see today, ” says Røkke.
Have sold off assets worth billions
Akastor sold earlier this month, the subsidiary Fjords Processing to the Texas-based oljeservicekjempen National Oilwell Varco (Nov).
the Purchase price was nok 1.2 billion on a debt free basis. Regnskapsgevinsten on sales is 650 million.
This is the fourth sale that happens after that Røkke took the helm in Akastor in august 2015.
Total has Røkke sold Akastor assets of around four billion. From before he has sold the company Frontica Business Solutions for 1025 million, office and produksjonseiendom for 1243 million, and freed 540 million through a delsalg of the ship “Skandi Santos”.
What are you going to spend your money on?
- The boring answer is that we should use the money to pay off debt. It provides us with the lower gearing and better maneuverability if there would be any opportunities, ” says Borge.
“Gearing” is a term for a company’s gjeldsnivå in relation to equity.
Neither Completed or Borge want to go into more specific measures or investments proceeds from the various sales will be used.
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