AqualisBraemar appoints CFO

AqualisBraemar ASA has appointed Dean Zuzic as the group’s new chief financial officer (CFO).

Zuzic has more than 30 years’ finance and management experience. He has recently held CFO roles at Oslo-listed seismic players TGS-NOPEC Geophysical Company ASA and Spectrum ASA. Prior to this Zuzic held CFO positions at Norwegian recycling group Norsk Gjenvinning, home textile retailer Kid Interior and Nordic retail group Plantasjen. He started his career with McKinsey & Company, and has also worked three years as an equity analyst.

Zuzic joins AqualisBraemar on 1 September 2020.

Zuzic succeeds Kim Boman, who joined as CFO in January 2016. Since then, AqualisBraemar has trebled its revenues from USD 26m in 2016 to USD 76m (last 12 months) and strengthened its financial position.

“Kim has played an instrumental role in developing AqualisBraemar since joining. He was a key contributor in the turnaround of our business and establishing a more resilient business model. He played an important part in the acquisition of Braemar Technical Services in 2019 and the subsequent integration process, including leading and developing a global finance function, which has now been successfully completed, realising significant synergies for our business. I would like to thank Kim for his tenure and at the same time welcome Dean Zuzic to the team. He is a highly experienced CFO that will be an excellent addition to our team,” says David Wells, CEO of AqualisBraemar ASA.

Kim Boman will continue to support AqualisBraemar as a key financial advisor.

For further information, please contact:

Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no

About AqualisBraemar ASA

AqualisBraemar ASA (OSE: Aqua) offers independent consultancy services to the offshore energy (oil & gas and renewables), shipping and insurance industries. The group employs specialist engineers, naval architects, master mariners, loss adjusters and technical consultants in 35 countries worldwide. AqualisBraemar ASA operates under three brands:

• AqualisBraemar: a leading adjusting, marine and offshore consultancy to the energy, shipping and insurance industries
• AqualisBraemar Yacht Services: a specialised marine consultant to the superyacht market
• OWC: an independent consultancy to the offshore renewables sector

Q2 2020 financial results

AqualisBraemar’s 2020 second quarter results

HIGHLIGHTS Q2 2020                      

• Revenues of USD 19.2 million (Q1 2020: USD 19.8 million. Q2 2019: USD 19.2 million pro-forma combined, USD 9.9 million Aqualis stand-alone)
• Operating profit (EBIT) of USD 1.6 million (Q1 2020: USD 1.3 million. Q2 2019: Loss of USD 0.3 million Aqualis stand-alone)
• Billing ratio of 74%
• Revenue in renewables segment up 70% compared to Q2 19
• Solid profitability across all segments
• Cost synergy target increased from USD 2.5 million to USD 2.8 million, to be realised during 2H20 and 1H21
• Operating cash flow of USD 2.6 million
• Robust financial position with cash balance of USD 11.0 million

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

“The second quarter of 2020 has presented some unique challenges to AqualisBraemar, our employees, and our clients. However, these challenges fade in comparison to those experienced by the individuals directly impacted by the COVID-19 pandemic. Our sincere thanks go out to health workers across the world, who have worked tirelessly, at great personal risk, to save lives and prevent the spread of the virus.

We are proud to present record profitability and cash flow in the quarter, especially considering the challenging business environment. Through our extensive global reach, increased remote work and enhanced digital collaborations, we have maintained a high level of service to our clients. Increased focus on capital efficiency has resulted in improved cash conversion, resulting in an improved cash position despite paying dividend to our shareholders during the quarter.

OWC, our renewables arm, continues to grow at a brisk pace delivering organic revenue growth of 70% compared to the second quarter of 2019. With several strong contract wins in 2020 so far, and an increased share of renewables related projects in our traditional business lines, we expect growth in the segment to continue. Our ambition is for 50% of our revenues to come from renewables and other ESG driven sources by 2025.

While we expect lower activity and margins in Q3 due to seasonality and the continued impact of travel restrictions and cautious client behaviour, we remain optimistic towards the development of AqualisBraemar. The integration between Aqualis and BTS has been a success, and we have identified further potential for cost synergies to be realised over the next 12 months.

Finally, we remain committed to our strategy to return capital to our shareholders and are pleased to note that our Board of Directors signals an expectation of an additional dividend during Q4 2020.”

A pre-recorded audio webcast presentation of the second quarter 2020 results will be released today at 14:00 CEST. To view the webcast, please click here.

The quarterly report and the slide deck for the quarterly presentation are available on www.newsweb.no and on our Reports and Presentations page.

For further information, please contact:

Investors and financial media

Kim Boman, CFO, AqualisBraemar ASA
Telephone: +47 959 63 912

Other media enquiries

Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no

About AqualisBraemar ASA

AqualisBraemar ASA (OSE: Aqua) offers independent consultancy services to the offshore energy (oil & gas and renewables), shipping and insurance industries. The group employs specialist engineers, naval architects, master mariners, loss adjusters and technical consultants in 35 countries worldwide. AqualisBraemar ASA operates under three brands:

• AqualisBraemar: a leading adjusting, marine and offshore consultancy to the energy, shipping and insurance industries
• AqualisBraemar Yacht Services: a specialised marine consultant to the superyacht market
• OWC: an independent consultancy to the offshore renewables sector

Ex-dividend NOK 0.20 today

The shares in AqualisBraemar ASA will be traded ex-dividend NOK 0.20 as of today, 11 June 2020. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Investors and financial media

Kim Boman, CFO, AqualisBraemar ASA

Telephone: +47 959 63 912

Other media enquiries

Endre Johansen, Corporate Communications AS

Telephone: +47 41 61 06 05

Email: endre.johansen@corpcom.no

About AqualisBraemar ASA

AqualisBraemar ASA (OSE: Aqua) is a public listed company that, through its subsidiaries and associates, offers adjusting, marine, offshore and renewables consultancy services to the energy, shipping, and insurance industries. The group employs specialist engineers, naval architects, master mariners, loss adjusters and technical consultants in 49 offices located across 5 continents in 32 countries. AqualisBraemar ASA operates under three distinct brands globally:

• AqualisBraemar: a leading adjusting, marine and offshore consultancy to the energy, shipping and insurance industries
• AqualisBraemar Yacht Services: a specialised marine consultant to the superyacht market
• OWC: an independent consultancy to the offshore renewables sector

Dividend approval and Ex-date

The Annual General Meeting in AqualisBraemar ASA, held 10 June 2020 at 11am, approved the board proposal of distributing a dividend of NOK 0.20 per share. The shares in AqualisBraemar ASA will be traded without the right to receive the dividend as from 11 June (ex-date). The dividend will be distributed to the shareholders on or about 24 June 2020

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

For further information, please contact:

Investors and financial media

Kim Boman, CFO, AqualisBraemar ASA

Telephone: +47 959 63 912

Other media enquiries

Endre Johansen, Corporate Communications AS

Telephone: +47 41 61 06 05

Email: endre.johansen@corpcom.no

About AqualisBraemar ASA

AqualisBraemar ASA (OSE: Aqua) is a public listed company that, through its subsidiaries and associates, offers adjusting, marine, offshore and renewables consultancy services to the energy, shipping, and insurance industries. The group employs specialist engineers, naval architects, master mariners, loss adjusters and technical consultants in 49 offices located across 5 continents in 32 countries. AqualisBraemar ASA operates under three distinct brands globally:

• AqualisBraemar: a leading adjusting, marine and offshore consultancy to the energy, shipping and insurance industries
• AqualisBraemar Yacht Services: a specialised marine consultant to the superyacht market
• OWC: an independent consultancy to the offshore renewables sector

This press release may include “forward-looking statements”. These statements may be identified by the use of words like “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “project”, “will”, “should”, “seek” and similar expressions and may refer to, amongst other topics, capital expenditure, cash flows, costs, growth, performance, profits, sales, acquisitions, and strategy. Any such statements reflect our views as of the date made and are subject to risks and uncertainties. We disclaim any responsibility to update forward-looking statements.

Annual General Meeting 2020 held

The Annual General Meeting of AqualisBraemar ASA was held on 10 June 2020.

All resolutions proposed in the notice to the Annual General Meeting were approved by the shareholders. Please click here to download the minutes from the Annual General Meeting.

For further information, please contact:

Investors and financial media

Kim Boman, CFO, AqualisBraemar ASA
Telephone: +47 959 63 912

Other media enquiries

Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no

About AqualisBraemar ASA

AqualisBraemar ASA (OSE: Aqua) is a public listed company that, through its subsidiaries and associates, offers adjusting, marine, offshore and renewables consultancy services to the energy, shipping, and insurance industries. The group employs specialist engineers, naval architects, master mariners, loss adjusters and technical consultants in 49 offices located across 5 continents in 32 countries. AqualisBraemar ASA operates under three distinct brands globally:

• AqualisBraemar: a leading adjusting, marine and offshore consultancy to the energy, shipping and insurance industries
• AqualisBraemar Yacht Services: a specialised marine consultant to the superyacht market
• OWC: an independent consultancy to the offshore renewables sector

This press release may include “forward-looking statements”. These statements may be identified by the use of words like “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “project”, “will”, “should”, “seek” and similar expressions and may refer to, amongst other topics, capital expenditure, cash flows, costs, growth, performance, profits, sales, acquisitions, and strategy. Any such statements reflect our views as of the date made and are subject to risks and uncertainties. We disclaim any responsibility to update forward-looking statements.

Q1 2020 financial results

AqualisBraemar’s 2020 first quarter results

HIGHLIGHTS Q1 2020

• Revenues of USD 19.8 million (Q4 2019: USD 18.8 million. Q1 2019: USD 17.4 million pro-forma combined, USD 8.2 million Aqualis stand-alone)
• Revenue for renewables up 57% compared to Q1 2019
• Operating profit (EBIT) of USD 1.3 million (Q4 2019: USD 0.4 million. Q1 2019: USD -0.2 million Aqualis stand-alone)
• Adjusted EBIT of USD 1.4 million, representing a 7% margin
• Quarterly improvement in most segments – Middle East and Europe particularly positive
• Billing ratio of 75%, up from 69% in Q4 2019
• Backlog increased 37% driven by the floating offshore wind Erebus contract
• No significant group-wide impact of COVID 19 to date
• Continued progress in realising cost synergies
• Robust financial position with cash balance of USD 10.1 million
• Dividend of NOK 0.2 per share upheld

David Wells, CEO of AqualisBraemar ASA (“AqualisBraemar” or the “Company”) commented:
“We are happy to report growth and improved profitability in the first quarter, especially considering the challenging business environment. Activity has been high across most regions and business streams. The combination of Aqualis and Braemar Technical Services has improved and broadened our service offering to clients worldwide, and we are seeing increasing benefits in terms of cross-selling.

First-quarter revenues in our renewables business stream increased by 57% relative to the first quarter of 2019, and we have won several key contracts in the quarter. We are delighted to be trusted by Simply Blue Energy and Total to support them as they move into floating wind with the Erebus project, a contract which confirms our leading position in that market. In Thailand, we have been contracted to support the construction of the world’s largest floating solar hybrid power plant. Our ambition is for 50% of our revenues to come from renewables and other ESG driven sources by 2025.

Relative to the fourth quarter we also saw a significant increase in offshore activity, particularly in the Middle East and Europe.

The COVID-19 pandemic has caused immeasurable pain to people across the world, and in these troubling times, we are focused on maintaining the health and safety of our employees, clients, and business partners. We have implemented strict measures across our business to limit the spread of the virus, whilst making every effort to maintain an uninterrupted level of service to our clients. Through our extensive global network of staff and subcontractors, as well as enhanced remote work capabilities and digital collaborations, we have been able to uphold a high level of service and activity. We continue to monitor the situation closely and remain agile in response to any business disruptions.

Given the strong business performance, the Board has proposed to uphold the dividend of NOK 0.2 per share. Our shareholders supported us in connection with the BTS transaction, and we are pleased to start paying back that trust.”

A pre-recorded audio webcast presentation of the first quarter 2020 results will be released today at 14:00 CEST. To view the webcast, please click here.

Click here to view the presentation.

For further information, please contact:

Investors and financial media

Kim Boman, CFO, AqualisBraemar ASA
Telephone: +47 959 63 91

Other media enquiries

Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no

About AqualisBraemar ASA

AqualisBraemar ASA (OSE: Aqua) is a public listed company that, through its subsidiaries and associates, offers adjusting, marine, offshore and renewables consultancy services to the energy, shipping, and insurance industries. The group employs specialist engineers, naval architects, master mariners, loss adjusters and technical consultants in 49 offices located across 5 continents in 32 countries. AqualisBraemar ASA operates under three distinct brands globally:

• AqualisBraemar: a leading adjusting, marine and offshore consultancy to the energy, shipping and insurance industries
• AqualisBraemar Yacht Services: a specialised marine consultant to the superyacht market
• OWC: an independent consultancy to the offshore renewables sector

Økokrim dismisses charge against Aqualis Offshore

Økokrim public prosecutors’ office has dismissed the charge and withdrawn the penalty charge notice issued to Norwegian subsidiary Aqualis Offshore AS in connection with a previously alleged violation of the Norwegian pollution control act, specifically related to the vessel Tide Carrier.

Reference is made to the stock exchange announcement dated 5 March 2020 where Aqualis Offshore announced that it strongly opposed Økokrim’s assessment of the company’s role in the case and that it would challenge the NOK 1.6 million corporate fine.

“We have always been of the opinion that the company acted diligently in connection with the marine warranty assignment related to Tide Carrier. We consider the dismissal of the charge as a recognition of this, plus reflecting a better understanding of the marine warranty supervisor’s role in such projects. That said, we are pleased to finally be able to put this case firmly behind us,”

David Wells, CEO

For further information, please contact:

Investors and financial media

Kim Boman, CFO, AqualisBraemar ASA
Telephone: +47 959 63 91

Other media enquiries

Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no

About AqualisBraemar ASA

AqualisBraemar ASA (OSE: Aqua) offers independent consultancy services to the offshore energy (oil & gas and renewables), shipping and insurance industries. The group employs specialist engineers, naval architects, master mariners, loss adjusters and technical consultants in 33 countries worldwide. AqualisBraemar ASA operates under three brands:

• AqualisBraemar: a leading adjusting, marine and offshore consultancy to the energy, shipping and insurance industries
• AqualisBraemar Yacht Services: a specialised marine consultant to the superyacht market
• OWC: an independent consultancy to the offshore renewables sector

Invitation to presentation of Q1 2020 results

Oslo, Norway – May 18, 2020:

AqualisBraemar ASA (“AqualisBraemar”) will release its first quarter 2020 results on Thursday, May 28, 2020 at approximately 06:00 Central European Time (CEST).

The earnings release concerning the first quarter 2020 results and a corresponding slide presentation will be posted on www.newsweb.no and on our Reports and Presentations page.

An audio webcast of the quarterly results will be released the same day at 14:00 CEST. To view the webcast over the internet, please click here.

For further information, please contact:

Investors and financial media

Kim Boman, CFO, AqualisBraemar ASA
Telephone: +47 959 63 91

Other media enquiries

Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no

About AqualisBraemar ASA

AqualisBraemar ASA (OSE: Aqua) offers independent consultancy services to the offshore energy (oil & gas and renewables), shipping and insurance industries. The group employs specialist engineers, naval architects, master mariners, loss adjusters and technical consultants in 33 countries worldwide. AqualisBraemar ASA operates under three brands:

• AqualisBraemar: a leading adjusting, marine and offshore consultancy to the energy, shipping and insurance industries
• AqualisBraemar Yacht Services: a specialised marine consultant to the superyacht market
• OWC: an independent consultancy to the offshore renewables sector

Key information relating to the cash dividend to be paid by AqualisBraemar

Oslo, Norway – May 8, 2020:

The Board of Directors has decided to propose for the Annual General Meeting a dividend for the fiscal year 2019 of NOK 0.20 per share.

Dividend Amount: NOK 0.20 per share
Declared currency: NOK
Last day including right: 10 June 2020
Ex-date: 11 June 2020
Record date: 12 June 2020
Payment date: On or about 24 June 2020
Date of approval: 10 June 2020

For further information, please contact:

Investors and financial media

Kim Boman, CFO, AqualisBraemar ASA
Telephone: +47 959 63 91

Other media enquiries

Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no

About AqualisBraemar ASA

AqualisBraemar ASA (OSE: Aqua) is a public listed company that, through its subsidiaries and associates, offers adjusting, marine, offshore and renewables consultancy services to the energy, shipping and insurance industries. The group employs specialist engineers, naval architects, master mariners, loss adjusters and technical consultants in 48 offices located across 5 continents in 31 countries. AqualisBraemar ASA operates under three distinct brands globally:

• AqualisBraemar: a leading adjusting, marine and offshore consultancy to the energy, shipping and insurance industries
• AqualisBraemar Yacht Services: a specialised marine consultant to the superyacht market
• OWC: an independent consultancy to the offshore renewables sector

This press release may include “forward-looking statements”. These statements may be identified by the use of words like “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “project”, “will”, “should”, “seek” and similar expressions and may refer to, amongst other topics, capital expenditure, cash flows, costs, growth, performance, profits, sales, acquisitions, and strategy. Any such statements reflect our views as of the date made and are subject to risks and uncertainties. We disclaim any responsibility to update forward-looking statements.