Purchase of shares for employee incentive program

Reference is made to AqualisBraemar ASA’s (the “Company”) stock exchange notice on 6 December 2019 where the Company announced its intention to repurchase up to 100,000 shares in the Company for the purpose of meeting its obligations in respect of an employee’s share purchase program.

Today, the Company purchased 25,000 of its own shares at an average price of NOK 3.6336 per share under the buy-back program.

Following these transactions, the Company holds 75,000 own shares, representing approximately 0.11% of the issued and outstanding share capital.

For further information about the buy-back program, please refer to the Company’s stock exchange announcement of 6 December 2019.

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 48 offices located across 5 continents in 33 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
• Offshore Wind Consultants: an independent consultancy to the offshore renewables sector

Purchase of shares for employee incentive program

Reference is made to AqualisBraemar ASA’s (the “Company”) stock exchange notice on 6 December 2019 where the Company announced its intention to repurchase up to 100,000 shares in the Company for the purpose of meeting its obligations in respect of an employee’s share purchase program.

Today, the Company purchased 25,000 of its own shares at an average price of NOK 3.633 under the buy-back program.

Following these transactions, the Company holds 50,000 own shares, representing approximately 0.07% of the issued and outstanding share capital.

For further information about the buy-back program, please refer to the Company’s stock exchange announcement of 6 December 2019.

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 48 offices located across 5 continents in 33 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
• Offshore Wind Consultants: an independent consultancy to the offshore renewables sector

Purchase of shares for employee incentive program

Reference is made to AqualisBraemar ASA’s (the “Company”) stock exchange notice on 6 December 2019 where the Company announced its intention to repurchase up to 100,000 shares in the Company for the purpose of meeting its obligations in respect of an employee’s share purchase program.

Today, the Company purchased 25,000 of its own shares at an average price of NOK 3.7391 per share under the buy-back program.

Following these transactions, the Company holds 25,000 own shares, representing approximately 0.04% of the issued and outstanding share capital.

For further information about the buy-back program, please refer to the Company’s stock exchange announcement of 6 December 2019.

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 48 offices located across 5 continents in 33 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
• Offshore Wind Consultants: an independent consultancy to the offshore renewables sector

Initiation of share buy-back for employee incentive program

AqualisBraemar ASA (the “Company”) has resolved to repurchase up to 100,000 shares in the Company for the purpose of meeting the Company’s obligations in respect of an employee’s share purchase program. The share buy-back program will be carried out pursuant to the authorization granted to the Company’s board of directors by the Company’s annual general meeting held on 11 June 2019.

The purchase period commences today, 6 December 2019, and will end on 31 January 2020. The Company may at any time without further notice close or suspend the program.

SpareBank 1 Markets AS is mandated for the execution of this share buy-back program and will make its trading decisions in relation to the Company’s shares independently of, and without influence by, the Company with regard to the timing of the purchases.

The share buy-back program will be conducted in accordance with Commission Regulation (EC) No. 2273/2003 as regards exemptions for buy-back programmes and stabilization of financial instruments (the “Safe Harbour rules”), meaning, inter alia, that (i) shares will not be purchased in any one day more than 50% of the average daily volume of Company shares traded in the twenty (20) trading days preceding the day of purchase and (ii) shares will not be bought back at a price higher than the higher of the price of the last independent trade and the highest current independent bid at the Oslo Stock Exchange.

The share buy-back program will otherwise be conducted in accordance with the applicable rules and regulations, including the rules of the Oslo Stock Exchange and the Norwegian Securities Trading Act and ancillary regulations.

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 48 offices located across 5 continents in 33 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
• Offshore Wind Consultants: an independent consultancy to the offshore renewables sector

Q3 2019 financial results

Highlights Q3 2019

• Revenues of USD 18.0 million (Q3 2018: USD 18.0 million pro-forma combined, USD 8.6 million Aqualis stand-alone)
• Adjusted EBIT of USD 0.3 million (Q3 2018: Adj. EBIT of USD -0.1 million pro-forma combined)
• Operating loss (EBIT) of USD 0.2 million (Q3 2018: Operating profit of USD 0.6 million for Aqualis stand-alone)
• Billing ratio of 70% in Q3 2019
• Integration process on track with cost synergy estimate increased to USD 2.5 million from initial estimate of USD 1.1 million
• Good performance in Far East and seasonal weaker performance in Middle East
• Continued solid HSE performance and no lost time incidents (LTIs)
• Robust financial position with cash balance of USD 10.7 million
• Working capital improvement project initiated, good initial progress

Q3 2019 was our first full quarter operating as the combined company AqualisBraemar, following the acquisition of Braemar Technical Services. The combination has created a strong platform for developing the combined group and increasing shareholder value. The transaction is also a step forward to consolidate our industry.

The feedback from our clients, our employees and the insurance markets has been very positive. We are already seeing the upsides of the combination in our offering to our clients, who now benefit from a broader suite of services, larger workforce and increased geographical footprint. Our goal remains to meet the increasing expectations of our industry globally and to be recognized as the ’go to’ consultant of the shipping and energy markets.

The process of integrating the two companies is proceeding well, and we are ahead of schedule on several fronts. We originally targeted cost synergies of USD 1.1 million, with full run rate expected by the end of 2021. In our second quarter report we raised that target to USD 2.0 million, and this quarter we further increase this to USD 2.5 million. At the end of Q3 2019 we are pleased to report that we have achieved run-rate cost synergies of USD 1.9 million.

Our renewables arm, OWC, performed strongly in an increasingly robust, though competitive, market. Growth opportunities continue to manifest themselves, partly because the industry is becoming more global and new developers enter the market and partly due to our success in raising OWC’s profile in the market. By leveraging our experience from over 30 GW of projects since 2011, we are ideally positioned to benefit from this globalisation. Following the successful opening of the Taiwan office, OWC recently established new locations in UK (Edinburgh) and Australia (Perth and Melbourne) to meet the increasing global demand.

 

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 48 offices located across 5 continents in 33 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
• Offshore Wind Consultants: an independent consultancy to the offshore renewables sector

Invitation to Q3 2019 presentation

AqualisBraemar ASA (“AqualisBraemar”) will release its third quarter results on Thursday, November 28, 2019 at approximately 07:00 am Central European Time (CET).

A presentation of the third quarter 2019 results is scheduled the same day at 08:00 am CET at SpareBank 1 Markets’ office at Olav Vs gate 5, 0161 Oslo. The event will be webcasted live and available for replay shortly after. To watch the webcast over the internet, please visit AqualisBraemar’ website, www.aqualisbraemar.com, at least 10 minutes early to register and to download and install any necessary software.

The earnings release concerning the third quarter 2019 results and a corresponding slide presentation will be posted on this page and on www.newsweb.no

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 48 offices located across 5 continents in 33 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
• Offshore Wind Consultants: an independent consultancy to the offshore renewables sector

Minutes from the Extraordinary General Meeting

Oslo, September 27, 2019

Please see below the minutes from the Extraordinary General Meeting held in Oslo on 27 September 2019. All matters were resolved as proposed in the Notice to the Extraordinary General Meeting.

Minutes of meeting EGM Sept 2019

Protokoll EGF Sept 2019

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 48 offices located across 5 continents in 33 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
• Offshore Wind Consultants: an independent consultancy to the offshore renewables sector

Presentation Material at Pareto Securities Oil & Offshore Conference

CEO David Wells is scheduled to present at the Pareto Securities Oil & Offshore Conference in Oslo on Thursday, September 12, 2019.

Click here to download the presentation

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 48 offices located across 5 continents in 33 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
• Offshore Wind Consultants: an independent consultancy to the offshore renewables sector

Notice of Extraordinary General Meeting

An Extraordinary General Meeting of AqualisBraemar ASA will be held on 27 Sept 2019 at 10:00 CET at the offices of Advokatfirmaet Haavind AS at Bygdøy allé 2, 0257 Oslo, Norway.

Please refer to the following documents:

• The notice of the Extraordinary General Meeting (amended)
• Attendance and proxy form
• The proposal from the Nomination Committee

Visit the EGM 2019 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) 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 33 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
• Offshore Wind Consultants: an independent consultancy to the offshore renewables sector