Aker ASA (AKAAF) Q1 2025 Earnings Call Transcript

2025-05-10 09:17:10 ET

Aker ASA (AKAAF)

Q1 2025 Conference Call

May 9, 2025 03:00 AM ET

Company Participants

Christina Schartum - Head-Communications

Oyvind Eriksen - President and Chief Executive Officer

Svein Oskar Stoknes - Chief Financial Officer

Presentation

Christina Schartum

Good morning, and welcome to the presentation of Aker's First Quarter Results for 2025. My name is Christina Schartum, and I'm Head of Communications at Aker. We will begin today's presentation with Aker's President and CEO, Oyvind Eriksen, who will take you through the quarterly highlights and recent developments in the portfolio. Our Chief Financial Officer, Svein Oskar Stoknes, will then cover the quarterly financials in more detail. After the presentation, we will host a Q&A session.

And with that, I hand it over to Oyvind Eriksen.

Oyvind Eriksen

Thank you, Christina, and good morning, everyone. Before we dive into the first quarter results, I want to address the -- this morning's announcement regarding Aker Horizons and Aker Carbon Capture.

To summarize, the transaction includes the following steps: First, Aker Horizons. Aker Horizons will merge with Aker against consideration whereby Aker Horizons shareholders will receive shares in Aker ASA and cash for each Aker Horizons' share. Aker ASA will use treasury shares or issue new shares to settle this. Using existing cash, Aker Horizons NOK2.5 billion green bond will be redeemed before its maturity date in August, which will reduce future interest costs. Bondholders in the convertible loan will be offered a buyout option at 93% of the par value before maturity. Aker capital will retain NOK1.3 billion of the NOK1.6 billion loan....

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