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April 27, 2023

For further information, please contact:

Investors and financial media

Stuart Jackson, CFO, ABL Group ASA
Telephone: +971 4 3793612

Other media enquiries

Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no

About ABL Group ASA

ABL Group (OSE: ABL Group ASA – ticker code “ABL”) is a leading independent global consultancy delivering energy, marine, engineering and digital solutions to drive safety and sustainability in renewables, maritime and oil & gas sectors. The group has offices in 39 countries worldwide and operates under four brands: ABL, OWC, Longitude and AGR.

ABL Group ASA: Q1 2023 financial results

ABL Group’s 2023 first-quarter results

HIGHLIGHTS Q1 2023

  • Revenues of USD 45.2 million (Q1 22: USD 39.6 million)
  • Operating profit of USD 2.7 million (Q1 22: USD 2.8 million)
  • Adjusted EBIT of USD 3.6 million (Q1 22: USD 3.4 million)
  • Net cash of USD 16.3 million (Q4 22: USD 17.6 million)
  • Acquisition of AGR completed on 18 April
  • Proposed semi-annual dividend of NOK 0.35 per share in H1 2023 upheld

Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”), commented:

“The first quarter was overall positive, with record high revenues and solid profitability. Organic revenue growth continues to be driven primarily by our renewables consultancy OWC, while our Europe and Americas regions particularly demonstrate improved margins. Activity increased towards the end of the period, and we expect this trend to continue through the next quarter.

We are particularly pleased to have completed the acquisition of AGR just past the quarter’s end. The acquisition gives ABL Group a strong position in well and reservoir consultancy, grows our position within digitalisation and energy transition solutions, and expands our services with a resourcing offering that is already well established in the oil and gas sector and positioned for growth within offshore wind.”

A presentation of the quarterly results will be held today at 08:30 CET at SpareBank 1 Markets’ office at Olav Vs gate 5, 0161 Oslo. The event will be webcast live and available for replay shortly after. To watch the webcast, please visit our Reports and Presentations page.

The quarterly report and a corresponding slide presentation is available here.