Aqualis ASA: Q1 2016 financial results

Oslo, Norway - April 26, 2016:

Key highlights
  • Revenues of USD 6.9 million in Q1 2016 vs USD 11.4 million in Q1 2015
  • Operating loss (EBIT) of USD 1.5 million in Q1 2016 vs EBIT of USD 0.5 million in Q1 2015
  • The results have been hurt by weaker than expected market conditions in the oil and gas market and a consequently too low billing ratio. The trading conditions improved in March
  • Capacity and cost adjustments continue to take effect and being implemented across the group
  • Increased market push to secure new contracts/new clients with some good results
  • Strengthened market position within offshore wind market with 6 month outlook
  • Seasonal slowdown for ADLER Solar in the winter months but with positive 2016 outlook
  • Order back-log of USD 10.5 million vs USD 17.1 million a year earlier
  • Closing cash balance of USD 13.2 million vs USD 14.9 million a quarter earlier
  • Continued solid HSE performance, no lost time incidents during the quarter
  • 193 employees1 vs 220 a quarter earlier

David Wells, CEO of Aqualis ASA said:

"The O&G market started the year slower and weaker than we expected, particularly in January and February, but we have been encouraged by the recent numbers of small consultancy opportunities that we are identifying and winning in this tight market.

Being adaptive and having the ability to respond quickly to market changes is the key going forwards given that opportunities are becoming increasingly competitive. Year 2016 is going to be challenging for the whole industry but there are some exciting opportunities. By contrast the markets for offshore renewables and solar have started the year firmly justifying our decision not to rely on a single market"
For more information, please see the attached first quarter 2016 report.
Morning program:
A presentation is scheduled the same day at 8:00 am CET at Carnegie's office at Grundingen 2, 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,, at least 10 minutes early to to download and install any necessary software.
The earnings release concerning the first quarter 2016 results and a corresponding slide presentation will be posted on and on Aqualis' web site

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 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.
Q1 16 report
Q1 16 presentation

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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