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AqualisBraemar LOC’s 2021 third-quarter results

Highlights Q3 2021

  • Revenues of USD 38.0 million (Q3 20: USD 18.4m)
  • Adjusted EBIT of USD 2.0 million (Q3 20: USD 0.6m)
  • EBIT of USD 1.3 million (Q3 20: USD 0.5m)
  • Cash balance of USD 23.2 million (Q2 21: USD 24.5m)
  • Interest bearing bank debt of USD 12.5 million (Q2 21: USD 13.3m)
  • Cost synergy target of USD 4.0 million maintained, to be gradually realised from Q4 2021
  • Semi-annual dividend of NOK 0.25 per share declared – to be paid in December

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

“We are pleased to report relatively high activity throughout the normally seasonally weak third quarter. The third quarter is generally lower activity than the second quarter, mainly due to holiday season in key markets and the southwest monsoon season in India. This year we have maintained relatively flat quarter on quarter revenues, representing 9% annual growth relative to the third quarter of 2020, and a significant year on year improvement in EBIT.

The two main year on year growth drivers have been our renewables consultancy OWC, growing +30%, and specialist engineers Longitude, growing 70%. These two segments are heavily exposed to two currently very positive markets: Offshore wind, which continues to grow at a rapid pace and with increasing global coverage, and early phase engineering, which indicates industry players are preparing for increased energy investments going forward.

In terms of profitability, the standout performer was the Asia Pacific region, which experienced high utilisation despite continued challenges with Covid-related travel restrictions.

We expect the fourth quarter to represent an improvement in activity level in line with normal seasonality. Looking further ahead, we continue to expect high growth in offshore wind, and are seeing positive early signs in terms of oil & gas investments in 2022.”

A pre-recorded audio webcast presentation of the third quarter 2021 results will be released today at 12:00 CET. To view the webcast and the slide deck for the quarterly presentation, please visit our Reports and Presentations page.

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