Akastor ASA’s shares rose 39.88% in pre-market trading to NOK 14.10 on Tuesday, extending gains after the company reported a fair-value adjusted net asset value of NOK 4.735 billion, or NOK 17.3 per share, as of June 30.
The Norwegian investment company’s Q2 2026 earnings call highlighted a 321 million Norwegian krone increase in its net cash position to NOK 540 million, alongside consolidated revenue of NOK 156 million and EBITDA of NOK 94 million. The current ratio stood at 3.31, with a debt-to-equity ratio of 0.03, reflecting a conservative financial structure.
Chief Executive Officer Karl Erik Kjelstad emphasized the firm’s shift from value creation to value realization, noting the approval of a fifth consecutive quarterly cash dividend of NOK 0.50 per share. The payout follows the sale of the Skandi Emerald vessel in June for NOK 23 million, which contributed to the company’s liquidity position. Total shareholder distributions in the first half of 2026 reached NOK 1.90 per share, including a NOK 1.50 dividend paid in May.
Akastor’s largest portfolio holding, HMH, reported revenue of $171 million and adjusted EBITDA of $34 million for the first half of 2026. The company’s economic interest in HMH, valued at NOK 3.01 billion on Akastor’s books, was adjusted to NOK 2.966 billion based on HMH’s closing share price of $18.74 at the end of June. HMH’s book-to-bill ratio stood at 1.2 for the first half, with a 36% economic stake held by Akastor.
AKOFS Offshore, another key holding, generated $44 million in revenue and $16 million in EBITDA, with fleet utilization rates of 98% for the Aker Wayfarer, 93% for the AKOFS Seafarer, and 86% for the AKOFS Santos. The company’s ownership stake remains at 66.7%.
NES Fircroft, in which Akastor holds a 15% economic interest, reported a 7% year-on-year increase in EBITDA to $164 million over the last 12 months. The firm completed a $650 million senior secured bond placement, enabling a potential dividend recapitalization of up to $350 million.
DDW Offshore, now debt-free following the cancellation of a $30 million revolving credit facility in May, saw its net cash position improve to NOK 24 million. The Skandi Peregrino vessel operated at 98% utilization, with firm contracts extending through November 2026 and priced options covering an additional 16 months.
Looking ahead, Akastor’s management indicated that HMH’s lock-up period is set to expire by the end of Q3 2026, while AKOFS Offshore targets refinancing in the second half of the year. The company’s strategic focus remains on monetizing assets through public listings and strategic sales to enhance shareholder returns.
