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Akastor dips into the red in the first half of 2016

Oil service group Akastor, headed by Norwegian oil magnate Kjel Inge Røkke, continues to be weighed down by the difficult market conditions. The first half year was particularly hard for drilling business MHWirth, according to the group's 2nd quarter interim report.

Photo: PR-foto/Aker

Norwegian oil group Akastor, whose largest shareholder is the Norwegian government and which is controlled by oil magnate Kjell Inge Røkke (photo), covers a broad range of offshore subcontractors exposed to the sector's slowdown after the decline in oil prices.

The trend showed no signs of abating in the first half of 2016, where Akastor's combined operating result (EBITDA) plunged into the negative with a deficit of USD 3.5 million against a positive operating result of USD 44 million in the first half of 2015. Revenue also declined and came to USD 417 million against USD 954 million in the same period of 2015.

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