Akastor ASA: DRU arbitration award - Settlement of interest and costs

FORNEBU, Norway, May 21, 2024 /PRNewswire/ -- Reference is made to Akastor ASA's (OSE: AKAST) announcements dated 18 and 22 April 2024 on the arbitration award issued in respect of the DRU contracts. The parties to the arbitration have reached an agreement on settlement of the claims that remain unpaid, which includes interest and certain costs, whereby USD 68 million ("Settlement Sum") shall be paid to MHWirth AS as full and final settlement. Payment of the Settlement Sum shall be made within Q2 and comes in addition to the amount mentioned in Akastor's announcement dated 26 April 2024.   

Although the DRU contracts are held by MHWirth AS, which is a wholly owned subsidiary of HMH Holding B.V. ("HMH"), Akastor holds full financial interest in these contracts as this was not included in the transaction when HMH was created in 2021.

The Settlement Sum will be booked in Akastor's Q2 2024 financials, whereby an accounting income of USD 68 million will be recognized.

For further information, please contact:

Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
[email protected] 

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Jing Taklo, Head of Financial Reporting, Akastor ASA, on 21 May 2024 at 07:30 CET.

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.

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SOURCE Akastor ASA