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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.

2 June 2021

Dividend Approval and Ex Date

The Annual General Meeting in AqualisBraemar LOC ASA, held 2 June 2021 at 11 am, approved the board proposal of distributing a dividend of NOK 0.25 per. share. The shares in AqualisBraemar ASA will be traded without the right to receive dividend as from 3 June 2021 (ex-date). The dividend will be distributed to the shareholders on or about 17 June 2021.

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

2 June 2021

Annual General Meeting 2021 held

The Annual General Meeting of AqualisBraemar LOC ASA was held on 2 June 2021.

All resolutions proposed in the notice to the Annual General Meeting were approved by the shareholders. Please find attached the minutes from the Annual General Meeting.

Download Meeting Minutes
21 May 2021

Regarding Notice of Annual General Meeting 2021 – Amendment of item 6 Election of Board Members

Reference is made to the stock exchange announcement on 19 May 2021 regarding Braemar Shipping Services Plc’s sale of its shares in AqualisBraemar LOC ASA. As a consequence, Mr Nick Stone has decided to withdraw his candidacy for a board position in AqualisBraemar LOC ASA.

The Nomination Committee has decided to recommend the Annual General Meeting to elect the following Board of Directors:

Glen Rødland, Chairman 2020‐2022
Yvonne L. Sandvold 2021‐2023
Synne Syrrist 2021‐2023
Rune Eng 2021‐2023

Election of additional Board member(s) will be considered in due course.

21 May 2021

Disclosure of large shareholding

*** This notice was originally published on 19 May 2021, and has been updated to include the attached notification form ***

Download the Notification form

Braemar Shipping Services Plc (“Braemar”) has on 19 May 2021 sold 9,640,621 shares in AqualisBraemar LOC ASA (“AqualisBraemar LOC” or the “Company”), representing 10.05% of the Company’s outstanding shares and voting rights, at a price of NOK 9.00 per share.

The shares were sold through a bookbuilding process managed by SpareBank 1 Markets AS as sole bookrunner.

Following the transaction, Braemar holds 0 shares in AqualisBraemar LOC.

Braemar also holds 6,523,977 performance-based warrants (the “Warrants”), as further described in the notice of and minutes from the Company’s extraordinary general meeting held on 14 December 2020. Assuming full vesting of the Warrants, Braemar will hold 6,523,977 shares and rights to shares corresponding to 6.80% of the currently registered share capital of the Company.

Gross Management AS, a company controlled by Glen Rødland, Chairman of AqualisBraemar LOC’s Board of Directors, has today acquired 100,000 shares in the Company, at a price of NOK 9.00 per share. Following the share acquisition, Rødland and his close associates will own 14,890,351 shares in the Company, corresponding to 15.52% of the outstanding shares and voting rights of the Company.

This information is subject to disclosure requirements pursuant to section 4-2 of the Norwegian Securities Trading Act.

20 May 2021

Disclosure of large shareholding

Braemar Shipping Services Plc (“Braemar”) has on 19 May 2021 sold 9,640,621 shares in AqualisBraemar LOC ASA (“AqualisBraemar LOC” or the “Company”), representing 10.05% of the Company’s outstanding shares and voting rights, at a price of NOK 9.00 per share.

The shares were sold through a bookbuilding process managed by SpareBank 1 Markets AS as sole bookrunner.

Following the transaction, Braemar holds 0 shares in AqualisBraemar LOC.

Braemar also holds 6,523,977 performance-based warrants (the “Warrants”), as further described in the notice of and minutes from the Company’s extraordinary general meeting held on 14 December 2020. Assuming full vesting of the Warrants, Braemar will hold 6,523,977 shares and rights to shares corresponding to 6.80% of the currently registered share capital of the Company.

Gross Management AS, a company controlled by Glen Rødland, Chairman of AqualisBraemar LOC’s Board of Directors, has today acquired 100,000 shares in the Company, at a price of NOK 9.00 per share. Following the share acquisition, Rødland and his close associates will own 14,890,351 shares in the Company, corresponding to 15.52% of the outstanding shares and voting rights of the Company.

This information is subject to disclosure requirements pursuant to section 4-2 of the Norwegian Securities Trading Act.

19 May 2021

Q1 2021 financial results

AqualisBraemar LOC’s 2021 first quarter results

HIGHLIGHTS Q1 2021

  • Revenues of USD 36.7 million (Q1 2020: USD 19.8m)
  • EBIT of USD 1.9 million (Q1 2020: USD 1.3m)
  • Adjusted EBIT of USD 2.4 million (Q1 2020: USD 1.4 m)
  • Cash balance of USD 28.3 million (Q4 2020: USD 30.6m)
  • Interest bearing bank debt of USD 15.1 million (Q4 2020: 15.1m)
  • Operating cash flow of USD -1.0 million (Q4 2020: USD 2.7m), negatively impacted by working capital movements
  • Completed acquisition of East Point Geo
  • Proposed dividend of NOK 0.25 per share in 1H 2021, to be paid in June per semi-annual schedule

David Wells, CEO of AqualisBraemar LOC ASA (“AqualisBraemar LOC” or the “Company”) commented:
“We are pleased to conclude a quarter of solid operational performance amid big changes inside and outside the group.

We have delivered top line growth and comparable profitability relative to the first quarter of last year. This is encouraging, as our industry was relatively unaffected by the early stages of the pandemic in the first quarter of 2020. This year, the market has remained challenging through the quarter, with a relatively weak oil and gas market, plus travel restrictions and general slowdown in connection with the pandemic.

Internally, focus has been on the integration of LOC Group, the first phase of which concluded ahead of schedule in April. The former AqualisBraemar and LOC companies now operate jointly as AqualisBraemar LOC group. Feedback from clients and employees has been very positive, and we have already seen early positive results of the strategic benefits we targeted with the combination.

Renewables continues to be the growth engine of the group, growing some 30% year-on-year on a pro-forma combined basis. The increased capabilities of the group following the integration of LOC, Innosea, Longitude and East Point Geo put us in a strong position to capture at least our fair share of the expected market growth going forward.

Growth has also been strong in Maritime and Adjusting, while Oil & Gas is down slightly on pro-forma combined basis due to project phasing and general market weakness.

Looking ahead there are early indications that improved rig activity could drive improvement in the Oil & Gas sector, but activity on larger projects is expected to remain sluggish through most of the year. Positive developments in our other market sectors are expected to continue.”

A pre-recorded audio webcast presentation of the first quarter 2021 results will be released today at 14:00 CET. To view the webcast, please visit AqualisBraemar LOC’s website, www.abl-group.com.

The slide deck for the quarterly presentation is available here.