Aker ASA

First Quarter Results 2024 - Net Asset Value of NOK 60.4 billion

OSLO, Norway, May 8, 2024 /PRNewswire/ -- The Net Asset Value ("NAV") of Aker ASA and holding companies ("Aker") was NOK 60.4 billion at the end of the first quarter 2024, compared to NOK 63.2 billion at the end of the fourth quarter 2023. Aker experienced strong operations and high activity across the portfolio in the first quarter.

While navigating a complex macroeconomic and a geopolitical landscape, Aker started the year with high activity. Some of the highlights include the refinancing of Solstad being completed in January, creating value for all stakeholders involved. And in March, Aker Carbon Capture (ACC) and SLB announced the agreement to combine their respective carbon capture businesses to become a diversified, global carbon capture player. During the quarter, Aker BP continued to deliver strong production, Cognite continued its positive commercial development and both Aker Solutions and Aker BioMarine posted improved financial results for the period.

"Aker closed the first quarter of 2024 with high activity across the portfolio. Aker's partnership with SLB continues to grow and the new venture within carbon capture marks another important step to our existing partnerships within subsea production technologies with Aker Solutions and industrial software with Cognite. The transaction will support accelerated development of industrial decarbonization at scale and better position ACC for further international growth," said Øyvind Eriksen, President & CEO of Aker ASA.

"Aker's commitment to long-term industrial development and shareholder value creation remains firm, but moving forward our approach will be even more focused. Instead of spreading our efforts across multiple sectors and companies, we will devote more time and resources to larger companies where Aker's industrial ecosystem can make a difference and continue to generate value. When allocating capital, we will prioritize cash-yielding investments that also generate a running return in the form of dividends or interest income, contributing meaningfully to our objective of increased and diversified upstream cash. Assessing business opportunities, strategic alternatives including transactions, and with a continued focus on sustainability, remains important parts of Aker's active ownership agenda and method of work. This applies equally to our listed portfolio as well as to more recent startups in which Aker has strategically invested early-stage capital," said Eriksen.