Akastor ASA: Update on DRU arbitration award amount

Issuer

Akastor ASA

Reference is made to Akastor ASA's (OSE: AKAST) announcement dated 18 April 2024
on the arbitration award issued in respect of the DRU contracts. The arbitration
tribunal imposed different orders for interest for sums awarded, including for
(i) unpaid invoices prior to termination, and (ii) the termination fees, both at
a rate of 8.5% per annum, compounded quarterly.

MHWirth AS ("MHW") and Akastor, together with its claim advisors, have completed
the calculation of interest awarded pursuant to the tribunal's arbitration
award, and have concluded that a total amount of about USD 65 million is due as
payment of interest. Accordingly, the total gross amount awarded to MHW in
respect of the DRU contracts is about USD 173 million, including interest.

The calculation on interest has been shared with Jurong Shipyard Pte Ltd
("Jurong"), who has responded that it does not agree with the calculation
but Jurong has not shared its own calculation. If the parties are unable to
agree on how interest shall be calculated, the tribunal may be asked to issue
further directions in that regard.

Although the DRU contracts are held by MHW, which is a wholly owned subsidiary
of HMH Holding B.V. ("HMH"), Akastor ASA holds full financial interest in these
contracts as this was not included in the transaction when HMH was created in
2021.

More information on the accounting impact of the DRU arbitration award will be
given in the presentation of first quarter 2024 financial results on Thursday 25
April 2024.

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 22 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.

More information:
Access the news on Oslo Bors NewsWeb site