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October 29, 2020

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.

Q3 2020 financial results

AqualisBraemar’s 2020 third quarter results

Highlights Q3 2020

  • Revenues of USD 18.4 million (Q3 2019: USD 18.0m)
  • Operating profit (EBIT) of USD 0.5 million (Q3 2019: Loss of USD 0.2m)
  • Adjusted EBIT of USD 0.6 million (Q3 2019: USD 0.3m)
  • Record growth for renewables: Up 105% from Q3 2019
  • Record operating cash flow of USD 3.4 million (Q3 2019: USD -2.6m)
  • Cash balance of USD 14.1 million (Q2 2020: USD 11.0m)
  • Realised run-rate cost synergies up to USD 2.4 million (Q2 2020: USD 2.1m)
  • Declared dividend of NOK 0.2 per share to be distributed in November

David Wells, CEO of AqualisBraemar ASA (“AqualisBraemar” or the “Company”) commented:

“In line with normal seasonality, the third quarter of 2020 was less active than previous quarters. Regardless, the business continues to show growth and improved profitability relative to the same period last year. We are delighted to present yet another quarter of record-high cash flow, as our ongoing focus on freeing up working capital is gaining traction.

OWC, our renewables arm, continues to grow rapidly, delivering organic revenue growth of 105% compared to the third quarter of 2019. Our ambition is for half of our revenues to come from renewables and other ESG driven sources by 2025. We are on track to reach that target, with OWC representing 21% of our revenues in the third quarter, up from 11% in the third quarter of 2019.

Looking ahead to the fourth quarter, we expect to see improved activity and utilisation. Despite the continued impact of travel restrictions and cautious client behaviour in many of our markets, the period has started on a positive note with several projects awards and continued strong cash flow.

Finally, we are happy to announce that the Board has proposed and declared an additional dividend of NOK 0.2 per share, to be distributed to shareholders in November. Together with the dividends paid during the second quarter, this brings the total dividend payments for 2020 to NOK 0.4 per share, corresponding to USD 3.0 million cash returned to our shareholders. We remain committed to our strategy of returning capital to our shareholders.”

A pre-recorded audio webcast presentation of the third quarter 2020 results will be released today at 14:00 CET. To view the webcast, please click here.

The slide deck for the quarterly presentation is available on www.newsweb.no and on our Reports and Presentations page.

For further information, please contact:

Investors and financial media

Dean Zuzic, CFO, AqualisBraemar ASA
Telephone: +47 41 43 35 60

Other media enquiries

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

About AqualisBraemar ASA

AqualisBraemar ASA (OSE: Aqua) offers independent consultancy services to the offshore energy (oil & gas and renewables), shipping and insurance industries. The group employs specialist engineers, naval architects, master mariners, loss adjusters and technical consultants in 33 countries worldwide. AqualisBraemar ASA operates under three brands:

  • AqualisBraemar: a leading adjusting, marine and offshore consultancy to the energy, shipping and insurance industries
  • AqualisBraemar Yacht Services: a specialised marine consultant to the superyacht market
  • OWC: an independent consultancy to the offshore renewables sector