Aqualis ASA: Q1 2017 financial results

Mann mit Wirtschaftszeitung (Symbolbild). pixabay.com

Aqualis Delivers Strong Operational Performance in Challenging Market and A Turnaround Quarter

Oslo, Norway - April 27, 2017

Key highlights

Revenues of USD 7.6 million in Q1 2017, increase by 10% from Q1 2016
Operating profit (EBIT) of USD 0.2 million in Q1 2017 vs. loss of USD 1.5 million in Q1 2016
Billing ratio for technical staff of 78% in Q1 2017, up from 76% in Q4 2016
Profitability measures took effect throughout the quarter
Offshore wind market remains active and new contracts have been secured
Weak results for ADLER Solar due mainly to weather conditions and project delays
Order backlog at USD 10.0 million vs USD 6.7 million at the end of Q4 2016
Bidding activity increasing
Cash balance of USD 9.6 million at the end of Q1 2017
Continued solid HSE performance and no lost time incidents (LTIs) during the quarter

David Wells, CEO of Aqualis ASA said:

"After a challenging 2016, we are extremely pleased with the turnaround achieved in Q1 2017. We are profitable despite continued challenging market conditions characterized by margin pressure and high business volatility.

The result is underpinned by strong operational performance, important contract wins and the phase in of profitability measures. I am proud of the effort our staff and management have made in achieving a turnaround while continuing to deliver a superior service to our clients.

We expect 2017 to remain challenging for us and the oil and gas industry. I am confident that we have a strong basis on which to continue to improve our business and deliver excellent service to our customers"

For more information, please see the attached first quarter 2017 report.

Morning program:

A presentation is scheduled the same day at 8:00 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. To watch the webcast over the internet, please visit Aqualis' web site, www.aqualis.no, at least 10 minutes early to to download and install any necessary software.

The earnings release concerning the first quarter 2017 results and a corresponding slide presentation will be posted on www.newsweb.no and on Aqualis' web site www.aqualisoffshore.com.

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 global oil and gas, wind and solar sectors. The group employs experienced consultants in 22 offices in 15 countries worldwide. Aqualis ASA operates under three different brands: Aqualis Offshore, Offshore Wind Consultants and ADLER Solar. Aqualis Offshore is a specialized 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. ADLER Solar is a technical and engineering service provider for the global solar industry. Aqualis owns 49.9 percent of ADLER Solar.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Aqualis ASA Q1 2017 presentation_Final
Aqualis ASA Q1 2017 report_Final

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Aqualis ASA via Globenewswire

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