Good morning, everyone, and welcome to Aker's conference call presentation of the second quarter and half-year results for 2018. My name is Terje Zanette, and I am Head of Investor Relations. We will start today's presentations with Aker's President and CEO, Øyvind Eriksen, who will walk you through the key highlights of the second quarter and the development of our main assets in the portfolio. Aker's Chief Financial Officer,[Frank Reite] , will go through our financial investments portfolio and the financial statements in more detail. After the presentation, we will open up for questions. Those of you following us by webcast may submit your questions via the web. Øyvind, please go ahead.
Thank you. Good morning, thank you for attending this conference call presentation of Aker's second quarter results. Today, we are reporting yet another strong quarter supported by favorable development of our portfolio companies. In terms of value development, second quarter marks the best quarter ever in Aker history, as the value of our portfolio increased by NOK 16 billion in three months only. More specifically, net asset value increased by NOK 14.7 billion -NOK 57.1 billion or 37.8% adjusted for the NOK 1.3 billion dividend paid in May. Aker's share price rose 45.5% dividend adjusted. Cash and liquid fund investments ended at NOK 1.4 billion, while Aker's liquidity reserve stood at $4.5 billion. The second quarter was yet another busy period of time.
Aker Energy, our newly established E&P company in Ghana, completed the acquisition of Hess Ghana and has now become the operator of the Deepwater Tano CTP block, with a 50% interest in the license. Fornebuporten established a property development company with Geveran and Joh Johannson , strengthening our real estate initiative with two prominent investors. The transaction released NOK 361 million in cash to Aker. Aker raised NOK 500 million through a tap issue of the AKER14 bond. With respect to our portfolio companies, the following events occurred in the second quarter. Akastor completed the $75 million investment in preferred equity issued by Odfjell Drilling . Akastor also signed a definitive agreement with Mitsui to establish a joint venture with the said partner for Akastor's portfolio company, AKOFS Offshore. The transaction will release approximately $142 million in cash to Akastor at closing.
Finally, AKOFS Offshore secured a $370 million contract with Equinor for the provision of the AKOFS Seafarer. Aker Solutions and Kværner entered into a NOK 3.4 billion contract for the modification of the riser platform for the field center for Johan Sverdrup's phase II development. Aker BP was awarded six new production licenses in the 24th licensing round, of which it stood as operator. four licenses are located in the Barents Sea. Finally, Ocean Yield acquired four container vessels on long-term charters. In the second quarter, Aker's net asset value increased by NOK 14.7 billion. All listed assets in our industrial holdings portfolio posted a positive value development. However, the vast majority of the increase relates to the value development of Aker BP, which contributed with NOK 13.1 billion to our NAV last quarter.
Aker's share price rose 41.4% in the second quarter, or 45.5% when including dividend paid. That compares to the Oslo Stock Exchange Benchmark Index, which rose 9.2% in the quarter. As per the end of the quarter, Aker held NOK 66.3 billion in gross assets, up from NOK 52.2 billion in the prior quarter. Total liabilities stood at NOK 9.2 billion, and the value-adjusted equity ratio was 86%. Next, our portfolio composition. There were no major changes to our industrial portfolio composition in the second quarter. The only exception is a NOK 1 billion loan conversion into shares in Aker BioMarine, taking the equity investment to NOK 2.4 billion. In terms of gross asset value distribution, E&P stood for 66% in the second quarter, up from 59% three months earlier, due to the favorable share price performance of Aker BP.
Oil Services accounted for 14%, Maritime Assets 11%, and Seafood and Marine Biotech 5%. At the end of the second quarter, Aker's cash and liquid fund investments amounted to NOK 1.4 billion, down from NOK 2.9 billion in the prior quarter, mainly due to distribution of NOK 1.3 billion dividend and NOK 1.2 billion repayment of the AKER11 bond. In addition to our cash and liquid fund investments, we had NOK 3.1 billion in undrawn credit facilities, bringing our liquidity reserves to NOK 4.5 billion. In the second quarter, we received NOK 544 million in dividends from other portfolio companies. Year-to-date, we have received close to NOK 1.1 billion in upstream cash, and we continue to be on track to reach in excess of NOK 2 billion this year. Turning to each of our industrial holdings, starting with Aker BP.
In the second quarter, Aker BP produced 157,800 bpd , on par with prior quarter. Reported an EBITDAX of $810 million. Aker BP was awarded six new production licenses in the Barents Sea, for which two as operator. The company paid a quarter dividend, of which Aker received NOK 362 million. Key priorities for Aker BP remain growing the company both organically and structurally, continuing to increase in dividends, and further improve operations, both by restructuring the value chain through new collaboration methods and alliances, and by applying new digital tools. Moving on to Aker Solutions. Aker Solutions reported a second quarter EBITDA of NOK 439 million. Operationally, Aker Solutions continues to develop well, and the project portfolio is progressing as planned due to strong execution.
Activity in Aker Solutions key markets is picking up, and the company reported an order intake of NOK 5.7 billion in the second quarter. Year-to-date, the order intake is almost twice this level reported last year. Focus ahead is to continue winning new projects and increase competitiveness through phase two of its cost efficiency program, targeting 50% cost efficiency versus the 2015 level. Standardizing products and services and applying digital tools are important measures to reach the set target by the end of 2021. Turning to Akastor . In the second quarter, Akastor completed the $75 million investment in preferred equity issued by Odfjell Drilling , and Akstor signed a definitive agreement to form a joint venture between Mitsui and Akastor regarding AKOFS Offshore, which will release $142 million in cash to Akastor at closing, expected in the third quarter of this year.
MHWirth, Akastor largest portfolio company, reported good results despite challenging markets. The EBITDA margin in the quarter was 10%, and book-to-bill was 215%, supported by a $100 million contract with Keppel FELS for delivery of one drilling equipment package. AKOFS Offshore is also showing a positive development and results. In the second quarter, AKOFS Offshore signed a $370 million contract with Equinor for provisions of light well intervention services for AKOFS Seafarer . The contract duration is five years, with options for three years above. Schedule commencement is in the first half 2022. Next, Kværner. In May, Karl Løken took over the role as Kværner's new CEO. Karl Løken has broad experience from oil and gas in general and field development in particular, with key positions held previously in Equinor, Aker Solutions, and Lundin.
Kværner reported a quarterly adjusted EBITDA of NOK 102 million, corresponding to a margin of 5%. The lower EBITDA compared to previous quarters reflect the limited recognition of bonuses and incentives, as well as certain early-phase projects that have yet to be recognized margins. The order backlog ended the quarter at NOK 11.2 billion, supported by the NOK 3.4 billion contract for the Johan Sverdrup riser platform modification, shared equally with Aker Solutions. The contracts awarded in the recent period shows that Aker has improved its competitiveness. Competition remains fierce, Aker is now positioned for new opportunities in several market segments. Next, Ocean Yield. Second quarter was an active period time also for Ocean Yield. The company announced a new $120 million investment in container vessels on long-term charters, bringing the year-to-date investment level to over $530 million.
The company signed loan facilities for approximately $330 million with a new NOK 750 million bond loan and sold $50 million of its bonds in American Shipping Company. Key focus over the next month will be to secure a positive outcome for the FPSO Dhirubhai-1, where the current contract expires in September this year. Ocean Yield's current fleet, including vessels to be delivered, counted 55 as per quarter end, while EBITDA backlog was $3.6 billion, providing a solid foundation for distribution of attractive dividends going forward. In our long-term financial plan, Ocean Yield remains to be a main source of upstream cash flow to Aker. Aker BioMarine reported an EBITDA of $16 million in the second quarter. That compares to a $6 million in the second quarter last year. Harvesting volumes and sales are growing, supported by a recovering omega-3 market and recent transactions made.
In the second quarter, Aker converted $1 billion of the outstanding loan into shares in Aker BioMarine to strengthen the company's balance sheet. Aker has supported Aker BioMarine financially over the last year in order to build scale through transactions and investments. A vital part of the capital expenditure program is the investment in a new harvesting vessel, which will increase efficiency and profitability from current levels. Aker Energy and Cognite, both unlisted assets in the Aker ASA portfolio. An important milestone for Aker Energy in the second quarter was the closing of the Hess Ghana transaction. Aker Energy is now approved as operator of the Deepwater Tano Cape Three Points block. As part of developing its organization, Aker Energy has established presence in Accra with a new office. The Aker Energy team currently comprises around 100 people in total.
Several working streams are in progress, including preparing a plan of operation and development, updating estimates of recoverable reserves, evaluating tender offers, and outlining the field development concept. Aker Energy has also negotiated an extension of the due date for the POD to fourth quarter 2018, which provides the company with more time to develop a solid plan. Overall, good progress in areas that Aker Energy controls, though without rushing, because experience tells the importance of getting the basics properly in place before moving a project like this into the next phase. Cognite, our software company, continues to expand its portfolio of clients as part of the strategy to grow and diversify the revenue base. In the second quarter, Cognite signed five new clients, of which three are outside the Aker Group.
An important milestone was the agreement entered with Vallourec, expanding Cognite's presence to a new global industry segment. As activity has picked up, Cognite is scaling its organization with highly skilled employees and talents to take on new projects. That concludes my part of the presentation today. To sum up, a strong quarter by Aker, where we have created values for NOK 16 billion in three months only, and an even more solid foundation to grow our values further. Frank, who will now walk us through our financial investments and the financial statement in more detail.
Thank you, Øyvind. Good morning, everyone. I will spend some minutes on Aker's financial investments before I go through the second quarter accounts. The financial portfolio accounted for 8% of Aker's total assets, or NOK 5.1 billion. This is down NOK 2.2 billion from the previous quarter, primarily due to the conversion of receivables into equity in Aker BioMarine of NOK 1 billion and dividend payment of NOK 1.3 billion. The main components under financial investments are cash, listed investments, real estate investments, and interest-bearing receivables. Let's look into the details of the financial investment portfolio. Starting with cash and liquid fund investments. Combined, the two represent 2% of Aker's gross asset value or NOK 1.4 billion. Of that, NOK 1.2 billion was cash, down from NOK 3.5 billion at the end of the previous quarter.
The main cash inflows were NOK 544 million in dividends from Aker BP, Ocean Yield , and American Shipping Company, NOK 500 million from the tap issue on the AKER14 bond, NOK 614 million in proceeds from other assets, representing the sale of residential real estate and a reduction in our liquid fund investment. The main cash outflows in the quarter were the dividend payment of NOK 1.3 billion and the NOK 1.2 billion in repayment of the AKER11 bond. In addition, we issued NOK 324 million in loans to portfolio companies, mainly Aker BioMarine and Aker Energy, and we paid NOK 167 million in operating expenses and net interest. Our liquidity reserve at the end of the second quarter was NOK 4.5 billion, including undrawn credit facilities of NOK 3.1 billion. Listed investments included in our financial portfolio represented 2% of Aker's total assets or NOK 1.3 billion.
The net value increase in the quarter was NOK 168 million, of which American Shipping Company and Solstad Offshore contributed with NOK 186 million and NOK 77 million respectively. We received NOK 20 million in dividends from American Shipping Company. The value increase was partly offset by a value decrease of Hynø Shipyard with NOK 96 million. Real estate and other financial investments. Combined, the two represent 4% of Aker's gross asset value or NOK 2.4 billion. In the second quarter, Aker established the residential development company ST Mulig Holding. Aker's ownership in the new company is 37%, and the company's portfolio consists of a land bank of approximately 1,000 apartments. Aker participated in the new company by selling the Kokstadvegen 23 land plot and its 50% share of the Opus joint venture . This gave Aker an accounting gain of NOK 194 million and a cash release of NOK 361 million.
The reduction in other financial investments is mainly explained by the NOK 1 billion conversion of receivables into shares in Aker BioMarine, partly offset by loans issued to portfolio companies. Moving on to the quarterly financial statement. The consolidated group accounts are included in the half-yearly report. I will not comment upon those figures. I will now go through the second quarter financial highlights for Aker ASA and holding company. Let me start with the balance sheet. The book value of our investments was up NOK 1.1 billion in the quarter, mostly explained by the conversion of receivables into equity in Aker BioMarine. The book value of our assets was NOK 23.4 billion. In our accounts, we use the lowest of historical and market values. Adjusted for fair values on our listed assets, we get to our gross asset value of NOK 56.3 billion.
Aker's liabilities mainly consist of bonds of NOK 6 billion and US-denominated bank loans of NOK 2.8 billion. The book equity was NOK 14.2 billion, up NOK 1.3 billion from the previous quarter, explained by the net profit of NOK 400 million. If you adjust for fair value on our listed assets. We get our net asset value of NOK 57.1 billion at the end of the second quarter, up NOK 16 billion from previous quarter. The net asset value per share was NOK 769, and the value adjusted equity ratio was 86%. Our total interest-bearing debt stood at NOK 8.9 billion versus NOK 9.5 billion at the end of the prior quarter. The decrease is explained by the repayment of the AKER11 bond, partly offset by NOK 500 million public issue on the AKER14 bond. As before, we have significant headroom in regards to our loan covenant.
We had a net interest-bearing debt of NOK 6.8 billion at the end of the second quarter, up from NOK 5.3 billion in the previous quarter. This is mainly explained by the NOK 1 billion conversion of receivables into share from Aker BioMarine. In the quarter, we increased our $350 million loan facility to $450 million and extended the maturity with one year to 2021. The drawn amounts remains at $350 million. To the income statement. The gains of NOK 194 million in the quarter comes from the Fornebuporten transaction. The operating expenses for second quarter were NOK 63 million. The net value change in the quarter was positive NOK 526 million, mainly explained by the reverse write-downs on our direct investment in Aker Solutions acquired and through Akastor.
Other financial items were positive NOK 519 million in the quarter, mainly explained by dividends received of NOK 551 million and value increase of our American Shipping TRS exposure of NOK 110 million. This was partly offset by net foreign exchange losses of NOK 77 million and net interest expenses of NOK 75 million. The profit before tax was NOK 1.2 billion. With that, we open for questions. There seems to be no questions from the webcast, operator, we are now ready to take questions from the call.
Thank you. If you would like to ask a question at this time, you can do so now by pressing star one on your telephone. That's star one if you'd like to ask a question. We'll pause for a moment to allow people to queue. There are currently no questions over the phone at this time.
Thank you, operator. I think that was crystal clear. That concludes our presentation today. Thank you all for attending, we wish you all a great summer holiday.
Thank you, ladies and gentlemen. That will conclude today's conference, you may now all disconnect.