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28 October 2021

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.

26 October 2021

Invitation to presentation of Q3 2021 results

AqualisBraemar LOC ASA (“ABL”) will release its third-quarter 2021 results on Thursday, 28 October 2021 at approximately 06:00 Central European Time (CET).

The earnings release concerning the second quarter 2021 results and a corresponding slide presentation will be posted on www.newsweb.no and on ABL’s website, www.abl-group.com.

An audio webcast of the quarterly results will be released the same day at 12:00 CET. To watch the webcast, please visit ABL’s website, www.abl-group.com.

21 October 2021

Longitude Engineering appoints Asia MD in clean shipping drive

Longitude Engineering – part of AqualisBraemar LOC Group (ABL Group) strengthens its expertise in the engineering and design for alternative fuels and clean shipping technology, with the appointment of Jacob Genauer as Managing Director for its operations in Asia Pacific.

Genauer, a naval architect and marine engineer, joins Longitude following a series of senior engineering and technical roles in shipbuilding, shipyard, and offshore service companies. He brings both technical strength and a practical commercial perspective to energy transition projects, with a background in vessels fuelled by or transporting LNG and ammonia, the development of conventional, nearshore and offshore terminals, and cryogenic containment systems.

Genauer has previously worked for Braemar Wavespec, Hercules Offshore and Keppel Offshore & Marine.

“Jacob will play a key role in positioning Longitude as a leading driver of the energy transition for Asian clients across the marine landscape, providing solutions using both transitional fuels as well as future zero carbon fuels.”

Jake Anderson, Managing Director of Longitude Engineering

“Low carbon and zero carbon fuels are set to play a defining role in the global race to sustainability. Technical developments and pilot projects are picking up momentum, but key economic and business model obstacles are yet to be resolved. I look forward to working with the Longitude teams not just in Asia, but globally, to support clients with bankable solutions at every stage of their transition to sustainability.”

Jacob Genauer, Managing Director Longitude Singapore

Based in Singapore, Genauer will build up Longitude’s presence with maritime clients across Asia, including support for shipping operations, ports and harbours in their adaptation strategies to meet energy transition requirements.

“Asia has the world’s busiest ports and some of the world’s most prolific shipyards. We want to reinforce our commitment to supporting this maritime community in remaining competitive amidst a rapidly changing market climate and a shift towards sustainable growth.”

Jake Anderson, Managing Director of Longitude Engineering

Genauer takes over the role from Nicolas Cazeres, who has recently taken on the role of managing director for Longitude in the USA, based in Boston.

Longitude Engineering specialises in independent engineering, design and analysis for renewables, maritime, defence, oil & gas and infrastructure market sectors. It primarily supports EPCIs with marine operations engineering and marine design, conversion and upgrade, supporting marine projects and assets throughout their development lifecycle.

4 October 2021

Updated Q2 2021 report

The AqualisBraemar LOC ASA second quarter 2021 report, originally published on 20 August 2021, has been updated to include the responsibility statement from the Board of Directors in accordance with section 5-6 of the Norwegian Securities Trading Act.

There are no other changes to the report.

The updated report can be found attached and on our Reports & Presentations page.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

20 August 2021

Registration of share capital increase following exercise of warrants

Reference is made to the stock exchange announcement from AqualisBraemar LOC ASA
(the “Company”) on 5 August 2021 regarding exercise of warrants.

The share capital increase as a result of the exercise of warrants has now been registered in the Norwegian Register of Business Enterprises, and the Company’s share capital has been increased by NOK 100,000.

Following registration of the share capital increase, the Company has an issued
share capital of NOK 9,692,258.30 divided into 96,922,583 shares each with a par value of NOK 0.10.

20 August 2021

Q2 2021 financial results

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

HIGHLIGHTS Q2 2021

  • 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.

Download The report
Download the presentation
19 August 2021

Invitation to presentation of Q2 2021 results

AqualisBraemar LOC ASA (“AqualisBraemar LOC”) will release its second-quarter 2021 results on Friday, 20 August 2021 at approximately 06:00 Central European Time (CET).

The earnings release concerning the second quarter 2021 results, the second-quarter report, and a corresponding slide presentation will be posted on www.newsweb.no and on AqualisBraemar LOC’s website, www.abl-group.com.

An audio webcast of the quarterly results will be released the same day at 14:00 CET. To watch the webcast, please visit our Reports and Presentations page.

17 August 2021

ABL Group joins UN Global Compact Network UK

AqualisBraemar LOC Group (ABL Group) – the energy and marine consultants – reinforces its support for the UN Global Compact and its principles in becoming a member of the UN Global Compact Network UK.

ABL Group, encompassing the group’s 7 company brands: AqualisBraemar LOC (ABL), OWC, Longitude Engineering, Innosea, East Point Geo, JLA and ABL Yachts – became a signatory to the UN Global Compact in 2020, joining thousands of other companies globally in committing to take responsible business action for a more equitable society.

The UN Global Compact is a call to companies everywhere to align their operations and strategies with ten universally accepted principles in the areas of human rights, labour, environment, and anti-corruption, and to take action in support of UN goals and issues embodied in the Sustainable Development Goals (SDGs).

David Wells, CEO of ABL Group, comments: “Joining the UK local network in our first year as a UN Global Compact signatory, confirms our commitment to this initiative and to taking responsible action to drive tangible change.

“This call to action fully aligns with our own group’s values – one such being a commitment to shaping a better future by driving sustainable outcomes.”

Launched in 2000, the UN Global Compact is the largest corporate sustainability initiative in the world, with more than 12,000 companies and 3,500 non-business signatories based in over 160 countries, and 69 Local Networks. ABL Group is also a member of the UN Global Compact Norge – the Norwegian network.

5 August 2021

Exercise of warrants

The Company and Braemar Shipping Services Plc (“Braemar”) entered into a share purchase agreement regarding the Company’s purchase of the entire issued share capital of Braemar Technical Services Holdings Limited on 13 May 2019, with certain later amendments (the “SPA”). As part of the consideration under the SPA, the Company issued warrants at its Annual General Meeting held 11 June 2019, giving Braemar the right to subscribe for new shares in the Company subject to certain exercise conditions. Certain amendments to the exercise conditions were approved at the Company’s Extraordinary General Meeting held on 14 December 2020. In line with the exercise conditions, Braemar has exercised 1 million warrants, so that the remaining amount of warrants is 0. The 1 million new shares subscribed for at a subscription price of NOK 0.10 per share, will be submitted for registration in the Norwegian Register of Business Enterprises as soon as possible.

3 June 2021

Ex dividend NOK 0,25 today

The shares in AqualisBraemar LOC ASA will be traded ex-dividend NOK 0.25 as of today, 3 June 2021. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.