Asker, Norway – July 20, 2018

High activity level and positive operational performance

Key highlights

  • Revenues of USD 9.6 million in Q2 2018 vs. USD 7.3 million in Q2 2017
  • Operating profit (EBIT) of USD 0.7 million in Q2 2018 vs USD 0.4 million in Q2 2017
  • Adjusted EBIT of USD 0.7 million in Q2 2018 vs USD 0.4 million in Q2 2017
  • Strong billing ratio of 84% in Q2 2018
  • Continued solid HSE performance and no lost time incidents (LTIs) during the quarter
  • Robust financial position with cash balance of USD 9.8 million
  • The oil & gas market remains challenging but with increasing signs of recovery
  • Completed the sale of investment in ADLER Solar GmbH
  • Activity in offshore wind market still remains high and new contracts have been secured
  • Order backlog at USD 6.8 million with increase in pipeline of opportunities
  • Aqualis announces dividend of NOK 0.90 per share

David Wells, CEO of Aqualis ASA said:
“We are pleased with the development in Q2 2018 led by strong performance by our operations in the Middle East. Most of our entities with focus on the oil & gas market have delivered solid results despite that the market remains very competitive with pressure on pricing. There are indications of improvements in market conditions as break-even costs are reduced and the oil price remain higher.

The prolonged downturn has altered the competitive landscape across our regions, creating both opportunities and challenges. Our aim is to continue to strengthen our market positions.

The activity in the offshore wind sector remains high, but with a very competitive business environment. Growth opportunities are now global and are likely to increase. We are excited about our ongoing global expansion and recognize opportunities to expand our business in emerging markets. Our focus is on capitalizing on these opportunities and leveraging our global office network.”

For more information, please see the attached second quarter 2018 report.

Q2 2018 report

Morning program
A presentation is scheduled the same day at 8:30 am CET at Carnegie’s office at Fjordalleen 16, 0250 Oslo, Norway.

The presentation, held in English, will be webcasted live and available for replay shortly after. Click here to watch the webcast.

The earnings release concerning the second quarter 2018 results and a corresponding slide presentation will be posted on www.newsweb.no and on our Reports & Presentations page.

For further information, please contact:

Investors and financial media

Kim Boman, CFO, Aqualis ASA
Telephone: +47 959 63 912
Email: kim.boman@aqualis.no

Other media enquiries

Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no

About Aqualis ASA

Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries and associates, offers energy consultancy services to the offshore oil, gas and renewables sectors globally. The group employs experienced consultants across 17 offices in 14 countries worldwide. Aqualis ASA operates under two different brands: Aqualis Offshore and Offshore Wind Consultants. Aqualis Offshore is a specialised offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Offshore Wind Consultants is a globally focused consultancy providing independent services to the offshore renewables industry.

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