Fourth Quarter Highlights:

  · Net capital employed increased by NOK 0.2 billion during the quarter,
reaching NOK 5.0 billion. Equity stood at NOK 5.9 billion at quarter-end,
equivalent to NOK 21.4 per share, up from NOK 20.4 per share last quarter.
  · HMH reported an adjusted EBITDA of USD 47 million for the quarter, bringing
the full-year 2024 figure to USD 168 million, representing a 27 percent increase
from 2023.
  · AKOFS Offshore delivered strong performance across all vessels and secured a
three-year contract extension for AKOFS Seafarer with Equinor, adding a backlog
of approximately USD 300 million.
  · Akastor announced the acquisition of Mitsui's 25 percent stake in AKOFS
Offshore and subsequently sold an 8.3 percent stake to MOL. Both transactions
were finalized in 1Q 2025.
  · DDW Offshore achieved a significant contract backlog during the quarter,
strengthening its foundation for 2025.

Akastor CEO Karl Erik Kjelstad comments:

"We are proud to deliver another good quarter, marked by solid performance and
key milestones across our portfolio. HMH delivered solid results, both in terms
of EBITDA and cash flow, achieving impressive year-on-year EBITDA growth for the
full year, underscoring its resilience and robust market position. AKOFS
Offshore delivered solid operational performance and secured a three-year
contract extension for AKOFS Seafarer with Equinor, significantly strengthening
its backlog. Furthermore, the joint buy-out of Mitsui's stake in AKOFS Offshore
alongside MOL enhances our exposure to attractive market dynamics and represents
a key step in aligning ownership interests, creating more flexibility for the
company."

HMH
Please note that product line definitions have been updated this quarter to
align with HMH's filed registration statement with the U.S. Securities and
Exchange Commission.

HMH reported revenues of USD 232 million in the quarter, with an adjusted EBITDA
of USD 47 million, corresponding to an EBITDA margin of 20 percent.

Revenues from Aftermarket Services were USD 103 million in the quarter, up 9
percent year-on-year driven by increase of contract service agreements and
digital technology volume and up 23 percent quarter-on-quarter driven by
overhaul and repair activity. Order intake within this segment was up 17 percent
year-on year and up 32 percent quarter-on-quarter driven by overhaul and repair
order intake.

Revenues from Spares were USD 56 million in the fourth quarter, down by 22
percent year-on-year and down 10 percent quarter-on-quarter driven by reduced
volume due to flat rig activity and restrained spending by customers. Order
intake within Spares was USD 62 million, down 16 percent year-on-year and down 8
percent quarter-on-quarter following the trend of restrained spending by
customers due to concern about lower utilization.

Revenues from Projects, Products & Other were USD 73 million in the quarter, up
69 percent year-on-year driven by increased product shipments and project
milestones and up 13 percent quarter-on-quarter driven by projects.

AKOFS Offshore

AKOFS Offshore reported revenues of USD 34 million and EBITDA of USD 8 million
in the quarter.

The three vessels AKOFS Seafarer, AKOFS Santos and Aker Wayfarer all operated
under their respective contracts through the full period. Aker Wayfarer
delivered a revenue utilization of 93 percent, affected by a planned maintenance
stop of 6 days. AKOFS Seafarer delivered 91 percent, affected by periods of
waiting on weather, while AKOFS Santos reported a revenue utilization of 93
percent.

The three-year option period under the existing contract for AKOFS Seafarer was
exercised by Equinor in December 2024, securing an order intake of approximately
USD 300 million. Commencement of the option period is expected late Q4 2025,
after the vessel has completed its customary Special Periodic Survey (SPS) and
in direct continuation of the current contract period.

DDW Offshore

During the period, Skandi Atlantic and Skandi Peregrino secured one-year
contracts with an international oil company in Australia, commencing in January
and March 2025.

DDW Offshore reported revenues of NOK 85 million and EBITDA of NOK 44 million in
the quarter, up from NOK 80 million and NOK 40 million, respectively, in the
same period last year. All three vessels were in operation during the period.
Skandi Emerald achieved 100 percent utilization with Petrofac and secured a six
-month extension to July 2025. Skandi Atlantic also achieved 100 percent
utilization during the period, completing its Chevron contract in November,
followed by a short-term contract in Australia, before the vessel mobilized for
its new one-year contract in January 2025. Skandi Peregrino operated in the spot
market from Aberdeen through the quarter, with a recorded utilization of only
five percent for the period, before she in January 2025 mobilized for her new
contract, commencing in March 2025.

Financial holdings

Net financials were positive NOK 163 million in the quarter, which included a
non-cash net foreign exchange gain of NOK 155 million. Other financial
investments contributed negatively with NOK 2 million.

Share of net profit from equity-accounted investments contributed negatively
with NOK 66 million. HMH contributed positively with NOK 35 million, whilst
AKOFS Offshore contributed negatively with NOK 102 million.

Consolidated financial figures

Please note that Akastor's consolidated revenue and EBITDA include earnings from
subsidiaries, which represent a minor portion of the company's total Net Capital
Employed. As a result, the most relevant indicator of Akastor's value
development is the financial performance of its largest investments, such as
HMH, NES Fircroft, and AKOFS Offshore.

With this in mind, Akastor's consolidated revenue and EBITDA for the quarter
were NOK 90 million and NOK 23 million, respectively. Net profit in the fourth
quarter was NOK 150 million.

Financial calendar

First Quarter Results 2025: April 30, 2025

Media Contact

Øyvind Paaske

Chief Financial Officer
Tel: +47 917 59 705
E-mail: oyvind.paaske@akastor.com

Akastor is a Norway-based oil-services investment company with a portfolio of
industrial holdings and other investments. The company has a flexible mandate
for active ownership and long-term value creation.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.