Akastor's revenue down almost 50 pct

Oil service group Akastor's revenue continues to slide in the weak offshore market, and drilling unit MHWirth once again took the biggest hit. A series of divestments will strengthen the bottom line, notes the company.

Photo: Akastor MHWirth

Akastor, controlled by Norwegian investor Kjell Inge Røkke and with the Norwegian state as a major shareholder, took a new beating in the extremely dire oil and gas markets in which the oil service group operates a series of companies.

The group's revenue dropped to USD 182.0 million from USD 339.7 million in the same period last year, which corresponds to a 47 percent setback. The operating profit (EBITDA) returned to the black from a deficit of USD 15.2 million in the third quarter 2015 to a profit of USD 15.4 million in the latest quarter. The positive operating result is mainly attributable to the delivery of several projects.

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