Growth continues - led by offshore renewables

Oslo, Norway – February 28, 2018

Growth continues – led by offshore renewables

Highlights Q4 2018

  • Revenues of USD 9.8 million in Q4 2018 vs. USD 8.9 million in Q4 2017
  • EBITDA of USD 0.9 million in Q4 2018 vs. USD 0.7 million in Q4 2017
  • Adjusted EBIT of USD 0.9 million in Q4 2018 vs. USD 0.6 million in Q4 2017
  • Billing ratio of 84% in Q4 2018
  • Continued solid HSE performance and no lost time incidents (LTIs) during the quarter
  • Robust financial position with cash balance of USD 5.5 million
  • Offshore renewable business growing and increasingly important for group
  • Strong operational performance for our new office in Taiwan
  • Activity in offshore wind market is high and expanding globally
  • The oil & gas market remains challenging with signs of recovery
  • Order backlog of USD 7.8 million with increase in pipeline of opportunities

Highlights Full Year 2018

  • Revenues of USD 36.2 million in 2018 vs. USD 31.1 million in 2017
  • Offshore renewables revenues increased by 37% in 2018 vs 2017
  • Offshore oil and gas revenues increased by 13% in 2018 vs 2017
  • EBITDA of USD 2.5 million in 2018 vs USD 1.9 million in 2017
  • Adjusted EBIT of USD 2.4 million in 2018 vs USD 1.7 million in 2017
  • Billing ratio of 83 % in 2018, same as in 2017
  • Solid HSE performance and no lost time incidents (LTIs) during the year
  • Successful start of new office in Taiwan and launch of rig inspection services
  • Payment of dividend of NOK 0.90 per share in 2018
  • The Board of Directors proposes an ordinary dividend of NOK 0.10 per share

“We have had another good quarter with strong execution and a strengthening of our market position globally. Our geographical expansion continues through the opening of an office in Perth, Australia. We look forward to supporting the oil & gas and renewables developments in the Australasia region.

The activity in the offshore wind sector remains high and we continue to expand our operations. Our operations in Taiwan have ramped up quickly and have had good performance. We are very excited about the future of the offshore wind business particularly in emerging markets where we have identified several growth opportunities. This combined with that growth is finally expected to return to offshore oil and gas investments this year lead us to be optimistic on a continued strong performance for 2019” says Mr. David Wells, CEO of Aqualis ASA.

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

Morning program: A presentation is scheduled the same day at 8:00 am CET at SpareBank 1 Markets’ office at Olav Vs gate 5, 0161 Oslo.

The presentation, held in English, will be webcasted live and available for replay shortly after. To watch the webcast over the internet, please visit Aqualis’ web site,, at least 10 minutes early to download and install any necessary software.

The earnings release concerning the fourth quarter 2018 results and a corresponding slide presentation will be posted on and on Aqualis’ website

Investors and financial media

Kim Boman, CFO, Aqualis ASA
Telephone: +47 959 63 912

Other media enquiries

Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05

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 18 offices in 15 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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