Q3 2018 financial results
Oslo, Norway – October 25, 2018
STRONG OPERATIONAL CASHFLOW
Key highlights
- Revenues of USD 8.6 million in Q3 2018 vs. USD 7.3 million in Q3 2017
- Operating profit (EBIT) of USD 0.6 million in Q3 2018 vs USD 0.1 million in Q3 2017
- Adjusted EBIT of USD 0.6 million in Q3 2018 vs USD 0.2 million in Q3 2017
- Positive operational cash flow of USD 0.7m in Q3 2018
- Strong billing ratio of 82% in Q3 2018
- Completed the 2000th jack up rig move attendance
- Continued solid HSE performance and no lost time incidents (LTIs) during the quarter
- Robust financial position with cash balance of USD 5.8 million
- The oil & gas market remains challenging but with increasing signs of recovery
- Activity in offshore wind market still remains high and new contracts have been secured
- Successful startup of new office in Taiwan
- Order backlog at USD 6.4 million with increase in pipeline of opportunities
David Wells, CEO of Aqualis ASA said: “Aqualis has delivered strong execution globally across most of our entities despite the market remaining very competitive with pressure on pricing.
The prolonged downturn has altered the competitive landscape across our regions, creating both opportunities and challenges. Our aim is to strengthen our market positions both through organic growth and capitalizing on M&A opportunities.
The activity in the offshore wind sector remains high. We have established a new office in Taiwan to support the fast growing Taiwanese offshore wind sector. We are excited about our ongoing global expansion and opportunities to expand our offshore wind business in emerging markets.”
For more information, please see the attached third quarter 2018 report.
Morning program: A presentation is scheduled the same day at 8:00 am CET at SpareBank 1 Markets’ office at Olav Vs gate 5, 0161 Oslo.
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, www.aqualis.no, at least 10 minutes early to download and install any necessary software.
The earnings release concerning the third quarter 2018 results and a corresponding slide presentation will be posted on www.newsweb.no and on Aqualis’ website www.aqualisbraemar.com.