{"id":3362,"date":"2016-10-27T06:37:31","date_gmt":"2016-10-27T05:37:31","guid":{"rendered":"http:\/\/georgelenox.site\/2016\/aqualis-asa-q3-2016-financial-results\/"},"modified":"2016-10-27T06:37:31","modified_gmt":"2016-10-27T05:37:31","slug":"aqualis-asa-q3-2016-financial-results","status":"publish","type":"post","link":"https:\/\/abl-group.com\/abl\/all-media\/news\/investor-news\/2016\/aqualis-asa-q3-2016-financial-results\/","title":{"rendered":"Aqualis ASA: Q3 2016 financial results"},"content":{"rendered":"<p class=\"hugin\">Oslo, Norway &#8211; October 27, 2016 <\/p>\n<div class=\"hugin\">&nbsp;<\/div>\n<div class=\"hugin\">Key highlights <\/div>\n<ul class=\"hugin\" type=\"disc\">\n<li class=\"hugin\">\n<div class=\"hugin\">Total operating revenue of USD 6.4 million, down 33% from Q3 2015<\/div>\n<\/li>\n<li class=\"hugin\">\n<div class=\"hugin\">Operating loss (EBIT) of USD 0.7 million with cost efficiency measures continued to take effect throughout the quarter<\/div>\n<\/li>\n<li class=\"hugin\">\n<div class=\"hugin\">Low activity level due to adverse weather conditions, vacation months and weak market conditions in the oil and gas market <\/div>\n<\/li>\n<li class=\"hugin\">\n<div class=\"hugin\">OWC maintained high activity in the offshore wind market and secured new contracts<\/div>\n<\/li>\n<li class=\"hugin\">\n<div class=\"hugin\">Billing ratio for technical staff of 73% in Q3 2016, down from 75% in Q2 2016<\/div>\n<\/li>\n<li class=\"hugin\">\n<div class=\"hugin\">Order backlog at USD 8.5 million<\/div>\n<\/li>\n<li class=\"hugin\">\n<div class=\"hugin\">ADLER Solar results impacted by lack of larger projects and introduction of new services<\/div>\n<\/li>\n<li class=\"hugin\">\n<div class=\"hugin\">Cash balance of USD 11.1 million at the end of Q3 2016<\/div>\n<\/li>\n<li class=\"hugin\">\n<div class=\"hugin\">161 employees at end of Q3 2016, down from 175 at end of Q2 2016<\/div>\n<\/li>\n<li class=\"hugin\">\n<div class=\"hugin\">Continued solid HSE performance and ISO 18001 compliant<\/div>\n<\/li>\n<\/ul>\n<p align=\"justify\" class=\"hugin\">David Wells, CEO of Aqualis ASA said:<\/p>\n<p align=\"justify\" class=\"hugin\"><i class=\"hugin\">&#8220;The oil and gas market remains weak and we must continue our path to improve our operations and cost competitiveness. The measures implemented will continue to take effect throughout 2016 and into 2017. The contract visibility remains short term.<br class=\"hugin\" \/><br class=\"hugin\" \/> Being adaptive and having the ability to respond quickly to market changes is the key to manage the business successfully. The remainder of 2016 and 2017 will be challenging for the oil and gas industry&#8221; says Mr David Wells, CEO of Aqualis ASA&#8221;<\/i><\/p>\n<div class=\"hugin\">&nbsp;<\/div>\n<div class=\"hugin\">For more information, please see the attached third quarter 2016 report.<\/div>\n<div class=\"hugin\">&nbsp;<\/div>\n<div class=\"hugin\">Morning program:<\/div>\n<div class=\"hugin\">A presentation is scheduled the same day at 8:00 am CET at Carnegie&#8217;s office at Grundingen 2, 0250 Oslo, Norway.<\/div>\n<div class=\"hugin\">&nbsp;<\/div>\n<div class=\"hugin\">The presentation, held in English, will be webcasted live and available for replay shortly after<b class=\"hugin\">. <\/b>To watch the webcast over the internet, please visit Aqualis&#8217; web site, www.aqualis.no, at least 10 minutes early to to download and install any necessary software.<\/div>\n<div class=\"hugin\">&nbsp;<\/div>\n<div class=\"hugin\">The earnings release concerning the third quarter 2016 results and a corresponding slide presentation will be posted on www.newsweb.no and on Aqualis&#8217; web site www.aqualisbraemar.com.<\/div>\n<p class=\"hugin\">For further information, please contact:<\/p>\n<p class=\"hugin\">Investors and financial media;<br class=\"hugin\" \/>Kim Boman, CFO, Aqualis ASA<br class=\"hugin\" \/>Telephone: +47 959 63 912<br class=\"hugin\" \/>Email: kim.boman@aqualis.no<\/p>\n<p class=\"hugin\">Other media enquiries:<br class=\"hugin\" \/>Endre Johansen, Corporate Communications AS<br class=\"hugin\" \/>Telephone: +47 41 61 06 05, <br class=\"hugin\" \/> Email: endre.johansen@corpcom.no.<\/p>\n<p class=\"hugin\">About Aqualis ASA<br class=\"hugin\" \/>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 22 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.<\/p>\n<div class=\"hugin\" id=\"suggestion-block\">\n<div class=\"hugin\" style=\"float:none\">This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.<\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oslo, Norway &#8211; October 27, 2016 &nbsp; Key highlights Total operating revenue of USD 6.4 million, down 33% from Q3 2015 Operating loss (EBIT) of USD 0.7 million with cost efficiency measures continued to take effect throughout the quarter Low activity level due to adverse weather conditions, vacation months and weak market conditions in the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[11],"tags":[],"sector":[],"service":[],"company":[],"class_list":["post-3362","post","type-post","status-publish","format-standard","hentry","category-11"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.6 (Yoast SEO v27.4) - 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