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Akastor ASA (AKKVF) CEO Karl Erik Kjelstad on Q1 2021 Results - Earnings Call Transcript

May 01, 2021 10:15 AM ETAkastor ASA (AKKVF), AKRYY
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Akastor ASA (OTCPK:AKKVF) Q1 2021 Earnings Conference Call April 29, 2021 3:00 AM ET

Company Participants

Øyvind Paaske - CFO

Karl Erik Kjelstad - CEO

Conference Call Participants

Øyvind Paaske

Good morning, and welcome to the presentation of Akastor's first quarter results for 2021. My name is Øyvind Paaske. I'm the CFO of Akastor, and I'm here together with Karl Erik Kjelstad, the group CEO.

We will take you through the presentation that has been uploaded on our Web page this morning. Karl will start by taking you through the business highlights before I will go through the financial results. After the financial section, we will open for questions through the webcast solutions. Questions can be posted at any time during the presentation.

I will not leave the word for Karl for the business update. So please, Karl.

Karl Erik Kjelstad

Thank you, Øyvind, and good morning to everyone on the call, and thank you for listening in to this presentation of Akastor's first quarter earnings, 2021. First, please note that following the announced transaction, March 2nd of this year, to merge MHWirth with Baker Hughes' Subsea Drilling division, Akastor consolidated revenue and EBITDA for the first quarter excludes MHWirth financials. MHWirth is from the first quarter of this year included in our P&L under Discontinued Operations. As mentioned, Øyvind will take you through the financial results in the latter part of this presentation. But let me first start with some key milestones in the quarter, and let's move on to slide number five.

The main event in the first quarter was the announcement of the agreement to form a JV between Baker Hughes' Subsea Drilling division and MHWirth. This transaction is a major step for both Akastor and MHWirth. And the new company will be a leading global drilling equipment provider with

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