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Akastor Annual Report 2015 | This Is Akastor 5 2015 ANNUAL REPORT Annual Report 2015 2 KEY FIGURES 2015 2014 Orders and results continuing operations (NOK million) Order backlog December 31 15 616 21 555 Order intake 10 506 25 254 Operating revenues 15 869 21 432 EBITDA 702 1 380 EBITDA margin (percent) 4.4 6.4 Net profit (loss) (2 564) (1 387) Net profit (loss) incl. discontinued operations (2 587) 2 493 Cash flow and financial position (NOK million) Cash flow from operating activities (603) 488 Borrowings 5 639 5 028 Equity ratio (percent) 36.2 38.4 Share (NOK) Share price December 31 12.00 21.60 Basic/Diluted earnings per share (9.54) 9.13 Employees (Full time equivalents) Employees including contracts December 31 5 677 7 609 Health and Safety Lost Time Incident Frequency (per million worked hours) 0.66 0.65 Total recordable incident frequency (per million worked hours) 1.32 1.62 Sick leave rate ( percent of worked hours) 2.6 2.7 Net capital employed Revenue EBITDA NOK million NOK million NOK million 5 326 KOP Surface Other holdings 661 Products 555 4 546 552 Fjords Processing 3 952 3 693 3 678 715 MHWirth 262 4 729 177 141 AKOFS (169) Offshore Frontica 5 183 244 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q4 14 Q1 15 Q2 15 Q4 15 NOK 12 087 million as of Dec 31, 2015 Q3 15 Annual Report 2015 3 TaBLE OF CONTENTS 01. THIS IS AKAStor 4 Akastor in brief 4 Portfolio Companies 5 02. Board OF DIRECtorS’ REPort 7 03. DECLaration BY THE Board oF DIRECtorS AND CEO 15 04. CorPorate GOVERNANCE StateMENT 16 05. FinanCIALS AND noteS 25 a. Akastor Group 25 b. Akastor ASA 78 06. AUditorS REPort 90 07. Board OF DIRECtorS 92 08. ManaGEMENT 94 09. CoMPANY INFORMation 95 Annual Report 2015 | This is Akastor 4 01. THIS IS AkasTOR AKAStoR IN BRIEF Akastor is a Norway-based oil-services investment company Akastor has a range of strategic, operational and financial with a portfolio of industrial holdings and other investments. value-creating measures at its disposal, including operational The company has a flexible mandate for active ownership and improvements and organic growth, acquisitions and long-term value creation. divestments, and financial measures. Our aim is to maximize the value potential of each entity by clarifying the portfolio The portfolio comprises: drilling systems and lifecycle services companies’ business models, capitalize on their market supplier MHWirth; vessel-based subsea well construction positions, and strengthen underdeveloped areas of value and intervention services provider AKOFS Offshore; process creation. systems and services supplier Fjords Processing; surface oil and gas equipment supplier KOP Surface Products; Aker Kværner Holding AS, which is owned by Aker ASA and the corporate services provider Frontica; and other smaller sized Norwegian government, is the largest shareholder of Akastor holdings. The portfolio businesses are developed as stand- owning 40.27 percent of the shares. The Akastor shares are alone entities under the Akastor umbrella and represent the traded on the Oslo Stock Exchange under the ticker AKA. Company’s six reporting segments. Akastor operates globally and has a number of subsidiaries located in Australia, Canada, Akastor’s portfolio companies generated 2015 revenues of China, Germany, Indonesia, Malaysia, the Netherlands, Norway, NOK 15.9 billion, EBITDA of NOK 702 million and employ 5 677 Singapore, the United Kingdom, the United Arab Emirates, people worldwide. Akastor operates a lean corporate centre and the United States, among others. with 23 employees situated at Fornebu, Bærum, Norway. This is Akastor Annual Report 2015 | This is Akastor 5 PORTFOLIO COMpanIES MHWirth is a leading global provider of first-class drilling Fjords Processing provides wellstream world-class processing solutions and services designed to offer its customers technology, systems and services to the upstream oil and gas with the safer, more efficient and reliable alternative. The industry. The company delivers market-leading solutions for company vision drives a commitment to quality and economic separation and treatment of oil and gas, based on innovative advantages to its customers and stakeholders. technology and extensive competence accumulated over the last 40 years. Fjords Processing is one of the few companies With a legacy founded more than a century ago, MHWirth has in the industry that can offer complete processing systems for transformed into a brand reflective of the company strategy both onshore and offshore installations. and ambitions. The company’s reputation is preserved through a combination of values, people and innovative technologies, With a comprehensive product portfolio, Fjords Processing proven by a strong track record and customer success stories. delivers unique solutions across all oil, gas and water treatment segments. The product range includes fluid stream separation, MHWirth has a global reach covering five continents with oil and gas processing, and water treatment. Market leading offices in more than 16 countries. Drawing upon global market technology and expertise are combined to create tailored experience, the company continues to seize opportunities solutions to meet customer specifications and on-site through the established regional presence in the Americas, conditions within this product range. Europe, Asia and West Africa. The company has 3 005 employees. MHWirth had revenues of NOK 6.7 billion and a Fjords Processing is headquartered at Fornebu in Norway negative EBITDA of NOK 176 million in 2015. and the company has 545 employees represented in 17 countries. Hence, Fjords Processing is a global provider with Frontica is a leading provider of key corporate services re- local presence in the key oil and gas centres around the world. quired for business growth. Frontica operates through two Fjords had revenues of NOK 1.9 billion and EBITDA of 104 distinct business areas; Frontica Advantage offering compre- million in 2015. hensive staffing, recruitment and global mobility solutions, and Frontica Business Solutions providing solutions within the KOP Surface Products is a leading global supplier of surface IT Operations and Business Process Outsourcing segments, wellheads, trees, valves and actuators to the oil and gas hereunder information technology, procurement, finance, pay- industry. KOP provides full life-of-field support to customers, roll, business consulting and administrative services. With 983 including installation, maintenance, rental and refurbishment employees located in Asia, Brazil, Europe and North America, services. The client list includes some of the biggest names Frontica had revenues of NOK 4.9 billion and EBITDA of NOK in the industry and the products and quality programs comply 260 million in 2015. with the highest international standards. AKOFS Offshore is a provider of vessel-based subsea well Revenue and EBITDA of KOP Surface Products was 1.1 billion construction and intervention services to the oil and gas and 242 million (respectively) employing 682 people at year- industry. The company has a highly competent and diverse end 2015. organization, covering all phases from conceptual development to project execution and offshore operations. Real Estate and other holdings In addition to the portfolio companies, Akastor has invested in other smaller sized The company currently operates three state-of-the-art holdings which include 100 percent ownership of First Geo, vessels, the AKOFS Seafarer, the Skandi Santos and the Aker a 76 percent stake in STEP Oiltools, 50 percent stake in DOF Wayfarer, which are designed to perform operations in up to Deepwater and a 7.4 percent stake in Ezra. 3 000 meters (9 800 feet) of water. The Skandi Santos began operating in 2010, the Aker Wayfarer in 2011 and the Akastor Real Estate divested eight properties to Aker in 2015 AKOFS Seafarer in 2013, making AKOFS Offshore’s fleet one for a total value of NOK 1.2 billion. Akastor Real Estate also of the most modern of its kind. divested its 17 percent stake in a property in the Oslo area for NOK 30 million the first quarter of2015 . In addition, AKOFS Offshore has the competence and equipment needed Akastor Real Estate managed a subletting portfolio and a few to provide superior offshore oilfield services to leading oil and development projects during 2015. gas producers and subsea service providers around the globe. AKOFS offshore had revenues of NOK 718 million, EBITDA of Akastor Real Estate and Other holdings reported revenues of NOK 104 million in 2015 and employs approximately 90 people. NOK 1.2 billion and EBIDTA of NOK 168 million in 2015. Annual Report 2015 | CEO letter 6 Annual Report 2015 | BOD Report 7 02. BOARD OF DIRECTOrs’ RepORT Akastor ASA (hereinafter referred to as Akastor) is an companies have separate boards, which consist of dedicated investment company based in Norway with a portfolio of Akastor investment managers, and in some of the boards, companies in the oilfield services sector. Aker Kværner external board representatives and employee representatives. Holding AS, which is owned by Aker ASA and the Norwegian This lays the foundation for close cooperation between government, is the largest shareholder of Akastor with a Akastor, the portfolio companies and their employees. shareholding of 40.27 percent. The shares of Akastor are traded on the Oslo Stock Exchange under the ticker AKA. The Akastor is based in Norway, at Fornebu, just outside Oslo, with Akastor portfolio of companies had a total capital employed of a core team of 23 employees, working closely with the boards NOK 12.1 billion at the end of 2015. and management of its portfolio companies. Akastor’s total revenue in 2015 decreased by 26 percent, Akastor’s portfolio companies have a total of 5 677 employees whilst EBITDA was down 49 percent, mainly due to tougher with presence in 35 countries by the end of 2015. market conditions for all portfolio companies during 2015. The order backlog amounted to NOK 15.6 billion at the end Strategy of 2015 compared to NOK 21.6 billion a year earlier.
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