Aqualis ASA: Q2 2017 financial results
Oslo, Norway – July 21, 2017
Key highlights:
- Revenues of USD 7.3 million in Q2 2017 vs. USD 8.2 million Q2 2016
- Operating profit (EBIT) of USD 0.4 million in Q2 2017 vs. loss of USD 0.8 million in Q2 2016
- Billing ratio for technical staff of 83% in Q2 2017, up from 78% in Q1 2017
- Profitability measures took effect throughout the quarter
- Activity in offshore wind market remains high and new contracts have been secured
- Positive contribution from ADLER Solar as profitability measures are taking effect
- Order backlog at USD 10.3 million vs USD 10.0 million at the end of Q1 2017
- Cash balance of USD 8.9 million at the end of Q2 2017
- Continued solid HSE performance and no lost time incidents (LTIs) during the quarter
“We are delighted that we have been able to deliver a profitable quarter and positive figures for Q2 2017 and 1H 2017. It has been great team effort with many of our entities delivering strong performance. The result is underpinned by strong operational performance and the increased flexibility of our business model.
Our renewable businesses, Offshore Wind Consultants Ltd and ADLER Solar GmbH, have both delivered good performance. We will continue to identify market opportunities in the offshore wind sector to leverage our strong market position, brand name, skill base and global network. We expect more activity in the offshore wind market driven by increased demand as costs continue to fall.
ADLER Solar has taken steps to re-position its services to new market segments over the past year and implemented profitability measures to improve efficiencies. We are pleased that ADLER Solar delivers positive results in Q2 2017 and that the implemented profitability measures are taking effect. The company will need to take further measures to improve sales activity and increase the proportion of larger projects.
The oil and gas market is still challenging and expected to remain so for the rest of 2017. I am confident that we have a strong basis on which to continue to improve our business and deliver excellent service to our customers” says Mr David Wells, CEO of Aqualis ASA.
Aqualis ASA Q2 2017 presentation
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 21 offices in 15 countries worldwide. Aqualis ASA operates under three different brands: AqualisBraemar, Offshore Wind Consultants and ADLER Solar. AqualisBraemar 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.