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Q2 2021 financial results

August 20, 2021 – AqualisBraemar LOC’s 2021 second-quarter results


  • Revenues of USD 38.3 million (Q2 20: USD 19.2 million)
  • Operating profit of USD 2.3 million (Q2 20: USD 1.6 million)
  • Adjusted EBIT of USD 2.8 million (Q2 20: USD 1.8 million)
  • Continued strong revenue growth in renewables segment
  • Cash balance of USD 24.5 million (Q1 21: USD 28.3 million)
  • Interest-bearing bank debt of USD 13.3 million (Q1 21: USD 15.1 million)
  • Paid semi-annual dividend of NOK 0.25 per share in 1H 2021
  • Cost synergy target raised to USD 4.0 million from initial USD 3.5 million

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

“During the first half of 2021 there have been some hectic months at AqualisBraemar LOC. It has been a unique challenge to integrate two equally sized companies, doubling the size of our group, in the middle of continued COVID related travel restrictions and ever-changing regulations across the 38 countries in which we operate. With that in mind, we are delighted by how quickly the integrated group has kicked into gear. We are pleased to report our highest quarterly revenues and operating profit in the company’s history, in what is still a challenging market, and still expect significant cost synergies to be realized starting in the fourth quarter of this year.

In early 2020 we set a group-wide target of 50% renewables and sustainability-oriented services in our business mix in 2025. This was and is an ambitious target, but we are making great progress. For the first time, Renewables has surpassed Maritime to become the second-largest market for the group over the previous 12 months. Renewables constituted 29% of our revenues in the second quarter alone, and while this is positively impacted by seasonal high activity offshore Europe, it shows the speed with which the company is transitioning. We continue to see increasing demand for renewables consulting and anticipate continued high growth in 2021 and beyond.

Our traditional business within oil & gas and shipping experienced significant headwind during 2020 from Covid-19, low oil price and reduced international trade. While localised outbreaks have also caused challenges this year, these issues are expected to gradually subside over the second half of the year and a cyclical upswing could be on the cards as we approach 2022.

During the second quarter we paid out a NOK 0.25 dividend per share as part of our semi-annual dividend schedule, and our board expects to continue this practice in the second half of the year. Our shareholders have repeatedly supported us in connection with the major acquisitions over the last few years, and we remain focused on repaying that trust.”

A pre-recorded audio webcast presentation of the second quarter 2021 results will be released today at 14:00 CET. To view the webcast, please visit our Reports and Presentations page.

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