Oslo, Norway - February 17, 2017
- Revenues of USD 6.2 million in Q4 2016, down 29% from Q4 2015
- Operating loss (EBIT) of USD 1.0 million and adjusted operating loss of USD 0.5 million
- Results impacted by goodwill impairments, downsizing related costs and weak market conditions in the oil and gas market
- Billing ratio for technical staff of 76 % in Q4 2016, up from 73% in Q3 2016
- Cost efficiency measures took effect throughout the quarter, but still behind the "curve"
- Offshore wind market is strong and new contracts have been secured
- Weak results for ADLER Solar as phase in of cost measures and new services continues
- Order backlog at USD 6.7 million
- Pipeline and bidding activity increasing over the past months
- Cash balance of USD 9.9 million at the end of Q4 2016
- Continued solid HSE performance and no lost time incidents (LTIs) during the quarter
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
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 global oil and gas, wind and solar sectors. The group employs experienced consultants in 21 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.
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