Akastor Q3 2026 slides: shareholder returns continue, NAV at NOK 15.7

Norwegian investment firm Akastor ASA released its third quarter 2026 financial results on November 11, 2026. The company announced a dividend of NOK 2.50 per share, while reporting a decline in net asset value (NAV) to NOK 4.3 billion from NOK 4,735 million at the end of Q2 2026. This NAV decrease of NOK 435 million was largely driven by a NOK 284 million decline in HMH's value following its public listing and HMH's share price falling below its book value.

During the quarter, HMH's performance demonstrated resilience with a 22% margin on $171 million in revenue, although revenue remained flat sequentially.

NES Fircroft, a significant holding for Akastor, reported revenue of $833 million and EBITDA of $43 million, marking 6% year-over-year growth in EBITDA. The company's diversified business model, now accounting for 48% of net fee income, helped mitigate concentration risk from its historically oil and gas-heavy portfolio. NES Fircroft completed a $650 million refinancing and shareholder recapitalization, resulting in a $57.4 million cash distribution to Akastor.

AKOFS Offshore, another key holding, achieved strong operational performance with revenue of $46 million and EBITDA of $19 million, with 99%, 97%, and 96% revenue utilization rates across its three-vessel fleet, respectively. The company finalized a $300 million fleet refinancing and secured full ownership of Aker Wayfarer ahead of its new Petrobras contract starting in Q3 2027.

In addition, AKOFS Santos entered the yard for upgrades ahead of its new Petrobras contract in Q1 2027, while AKOFS Seafarer's contract end date extends to 2031.

DDW Offshore successfully transitioned from a distressed investment to fleet realization in 2026, with the final vessel, Skandi Peregrino, sold in October for $21.6 million. Overall, Akastor's strategic diversification efforts and active ownership approach in key holdings contributed to sustained shareholder returns and a commitment to capital returns as portfolio monetizations continue.