Aqualis ASA : Q2 2016 financial results

Oslo, Norway - August 25, 2016:

• Revenues of USD 8.2 million in Q2 2016 vs USD 11.4 million in Q2 2015
• The activity level and revenues increased in most regions from Q1 2016
• Operating loss (EBIT) of USD 0.8 million in Q2 2016 vs EBIT of USD 0.0 million in Q2 2015
• Results impacted by weak performance at the beginning of the quarter and costs of USD 0.1 million related to provision for legal case. Cost efficiency measures continued to take effect throughout the quarter
• Billing ratio increased from 67% Q1 2016 to 75% in Q2 2016 due to improved operational performance and capacity adjustments
• Order backlog maintained at approximately USD 10 million (3rd consecutive quarter)
• High activity within offshore wind market and new contract wins
• ADLER Solar results impacted by lack of larger projects and introduction of new services
• Cash balance at the end of quarter of USD 11.7 million vs USD 13.2 million a quarter earlier
• Continued solid HSE performance, no lost time incidents during the quarter
• 175 employees vs 193 a quarter earlier

David Wells, CEO of Aqualis ASA said:

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.