Aqualis ASA : Q1 2015 financial results

28 April 2015 – Marine and offshore engineering consultancy group Aqualis ASA (Aqualis) reported revenues of USD 11.4 million in the first quarter of 2015, a 148 % increase from the corresponding quarter in 2014. Operating profit (EBIT) ended at USD 0.6 million, up from negative USD 0.5 million in Q1 2014.

“All in all we delivered satisfactory results in the quarter. I am particularly pleased that we are managing to offset the uncertainty in the oil and gas market through gaining more market share” says David Wells, CEO of Aqualis ASA.

Operating revenues were USD 11.4 million in the first quarter 2015 (Q1 2014: USD 4.6 million). Earnings before interest and tax (EBIT) was USD 0.6 million (USD -0.5 million). Profit after tax was positive at USD 1.4 million (USD -0.5 million), including unrealised foreign exchange gain of approx. USD 1 million.

Aqualis’ order backlog from fixed contracts stood at USD 17.1 million at the end of the quarter. The backlog does not include future call-offs from existing framework contracts for services such as dynamic positioning, rig moving and marine warranty.

“In addition, the UK government recently announced new subsidies which seems to have re-energised the renewables sector. We therefore expect to secure more work and continue to deliver growth in this segment,” says David Wells, who is planning to open three new offices in the next couple of months.

“A continued network expansion will provide access to additional opportunities, thereby making us less vulnerable to fluctuations in specific oil and gas regions as our staff can cooperate on projects across different markets,” adds David Wells.

Today, Aqualis has 13 offices in 10 countries worldwide. Three more offices will be added in the coming months. As per 31 March, Aqualis had 222 full time equivalent employees – an increase of 13 percent from the end of the previous quarter.

Aqualis ASA – Q1 2015 presentation
Aqualis ASA – Q1 2015 report