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Akastor's (AKKVF) Q2 2017 Results - Earnings Call Transcript

Jul. 13, 2017 3:35 AM ETAkastor ASA (AKKVF)
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AKASTOR ASA (OTCPK:AKKVF) Q2 2017 Earnings Conference Call July 12, 2017 3:00 AM ET


Tore Langballe - Head, Communications & IR

Leif Borge - CFO


Tore Langballe

Representing Akastor's Second Quarter and First Half Year Results for 2017. My name is Tore Langballe, Head of Communications and IR in Akastor.

The presentation today will be given by Akastor's CFO, Mr. Leif Borge. The presentation is being audiocasted, and we're running a dial-in conference in parallel. Leif will be referring to slides in the presentation. The presentation is available on akastor.com. Following the presentation, we'll do a Q&A session and the operator will give the instructions required.

Finally, I would like to draw your attention to the cautionary statement at the very back of the presentation. Please study that carefully.

And by that, it's my pleasure to give the word to you Leif.

Leif Borge

Thank you, Tore and good morning to all of you. Of course, the most important topic for Akastor in the second quarter was the announced divestment of KOP Surface Products like the divestments of Fjords [from Skandi Santos] examples last year, we achieved a decent price from and industrial buyer that was willing to look through the cycle and who will have synergy effects from the transaction.

The transaction is expected to be closed in the third quarter, but all financial numbers of Akastor have been restated based on KOP Surface Products being discontinued operations.

After the transaction, we have two major portfolio companies left in the portfolio, it's MHWirth and AKOFS Offshore, as well as the three smaller ones; Step Oiltools, First Geo and Cool Sorption.

With regards to MHWirth, the rig market in general starts to show some signs of improvement with more drilling activity. The newbuild market is still very challenging due to

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