Akastor ASA: Arbitration award received on the DRU contracts

Jurong is a subsidiary of Seatrium Limited (former Sembcorp Marine) which is listed on the Singapore stock exchange (SGX:S51).

The Termination Fee and cost reimbursement will be included on the Akastor balance sheet as a receivable and an estimated accounting gain of about USD 55 million will be booked in Q1 2024 financials (excluding value of interest awarded which shall be calculated in due course).

Pursuant to the SIAC Rules, the arbitration award is full and final. However, the parties may within 30 days of receipt of the award request the tribunal to correct any error in computation, any clerical or typographical error or any error of a similar nature.

For further information, please contact:

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

Eirik Thomassen
General Counsel
Tel: +47 99 51 35 80
[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 18 April 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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