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20 July 2018

Q2 2018 financial results

Asker, Norway – July 20, 2018

High activity level and positive operational performance

Key highlights

  • Revenues of USD 9.6 million in Q2 2018 vs. USD 7.3 million in Q2 2017
  • Operating profit (EBIT) of USD 0.7 million in Q2 2018 vs USD 0.4 million in Q2 2017
  • Adjusted EBIT of USD 0.7 million in Q2 2018 vs USD 0.4 million in Q2 2017
  • Strong billing ratio of 84% in Q2 2018
  • Continued solid HSE performance and no lost time incidents (LTIs) during the quarter
  • Robust financial position with cash balance of USD 9.8 million
  • The oil & gas market remains challenging but with increasing signs of recovery
  • Completed the sale of investment in ADLER Solar GmbH
  • Activity in offshore wind market still remains high and new contracts have been secured
  • Order backlog at USD 6.8 million with increase in pipeline of opportunities
  • Aqualis announces dividend of NOK 0.90 per share

David Wells, CEO of Aqualis ASA said:
“We are pleased with the development in Q2 2018 led by strong performance by our operations in the Middle East. Most of our entities with focus on the oil & gas market have delivered solid results despite that the market remains very competitive with pressure on pricing. There are indications of improvements in market conditions as break-even costs are reduced and the oil price remain higher.

The prolonged downturn has altered the competitive landscape across our regions, creating both opportunities and challenges. Our aim is to continue to strengthen our market positions.

The activity in the offshore wind sector remains high, but with a very competitive business environment. Growth opportunities are now global and are likely to increase. We are excited about our ongoing global expansion and recognize opportunities to expand our business in emerging markets. Our focus is on capitalizing on these opportunities and leveraging our global office network.”

For more information, please see the attached second quarter 2018 report.

Q2 2018 report

Morning program
A presentation is scheduled the same day at 8:30 am CET at Carnegie’s office at Fjordalleen 16, 0250 Oslo, Norway.

The presentation, held in English, will be webcasted live and available for replay shortly after. Click here to watch the webcast.

The earnings release concerning the second quarter 2018 results and a corresponding slide presentation will be posted on www.newsweb.no and on our Reports & Presentations page.

–

For further information, please contact:

Investors and financial media

Kim Boman, CFO, Aqualis ASA
Telephone: +47 959 63 912
Email: kim.boman@aqualis.no

Other media enquiries

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

About Aqualis ASA

Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries and associates, offers energy consultancy services to the offshore oil, gas and renewables sectors globally. The group employs experienced consultants across 17 offices in 14 countries worldwide. Aqualis ASA operates under two different brands: AqualisBraemar and Offshore Wind Consultants. AqualisBraemar is a specialised offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Offshore Wind Consultants is a globally focused consultancy providing independent services to the offshore renewables industry.

6 July 2018

Invitation to Q2 2018 presentation

Oslo, Norway – July 6, 2018: Aqualis ASA (“Aqualis”) will release its first half and second quarter results for 2018 on Friday, July 20, 2018 at approximately 06:00 am Central European Time (CET).

A presentation is scheduled the same day at 8:00 am CET at Carnegie’s office at Fjordalleen 16, 0250 Oslo, Norway. The event will be webcasted live and available for replay shortly after. To watch the webcast over the internet, please visit this page at least 10 minutes early to register and to download and install any necessary software.

The earnings release concerning the first half and second quarter 2018 results and a corresponding slide presentation will be posted on www.newsweb.no and on Aqualis’ website.

 

For further information, please contact:

Investors and financial media

Kim Boman, CFO, Aqualis ASA
Telephone: +47 959 63 912
Email: kim.boman@aqualis.no

About Aqualis ASA

Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries and associates, offers energy consultancy services to the offshore oil, gas and renewables sectors globally. The group employs experienced consultants across 17 offices in 14 countries worldwide. Aqualis ASA operates under two different brands: AqualisBraemar and Offshore Wind Consultants. AqualisBraemar is a specialised offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Offshore Wind Consultants is a globally focused consultancy providing independent services to the offshore renewables industry.

28 June 2018

Ex-dividend NOK 0.90 today

The shares in Aqualis ASA will be traded ex-dividend NOK 0.90 as of today, June 28 2018. 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, Aqualis ASA
Telephone: +47 959 63 912
Email: kim.boman@aqualis.no

Other media enquiries

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

About Aqualis ASA

Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries and associates, offers energy consultancy services to the offshore oil, gas and renewables sectors globally. The group employs experienced consultants across 17 offices in 14 countries worldwide. Aqualis ASA operates under two different brands: AqualisBraemar and Offshore Wind Consultants. AqualisBraemar is a specialised offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Offshore Wind Consultants is a globally focused consultancy providing independent services to the offshore renewables industry.

20 June 2018

Key information relating to the cash dividend to be paid by Aqualis ASA

Asker, Norway – June 20, 2018

After trading through a difficult market in 2015 and 2016, Aqualis has delivered positive adjusted EBIT every quarter since the start of 2017. The revenue grew by 13% in 2017 compared with 2016 and the associated growth in working capital has been financed through operations. The Company has, over this period, had a relatively large cash balance, and the Board of Directors proposes that a part of this shall be distributed to the shareholders to increase capital efficiency and enhance return on operations. The Board of Directors has decided to distribute an extraordinary dividend to the shareholders of Aqualis ASA.

The total distribution to the Company’s shareholders is NOK 38,063,915 which constitutes NOK 0.90 per share. The extraordinary dividend will for accounting purposes be charged to the share premium/other equity with NOK 38,063,915. The distribution will for tax purposes be considered a repayment of paid-in capital.

The Board of Directors considers the Company to have sufficient access to capital, after the proposed distribution of capital, to meet working capital requirements, to grow the business as the market improves and to complete potential investments.

Aqualis’ ambition is to pay a cash dividend that is following its long-term underlying cash flow. When deciding the dividend amount, the Aqualis Board of Directors will consider the group’s financial strength, cash flow, investment needs and growth opportunities and a level of financial flexibility that is appropriate for the Aqualis business model. In addition to paying a cash dividend, Aqualis may buy back its own shares as part of its plan to distribute capital to shareholders.

Key information relating to the cash dividend to be paid by Aqualis ASA
Amount: NOK 0.90 per share
Declared currency: NOK
Last day including right: 27 June 2018
Ex-date: 28 June 2018
Record date: 29 June 2018
Payment date: On or about 9 July 2018
Date of approval: 20 June 2018

For further information, please contact:

Investors and financial media

Kim Boman, CFO, Aqualis ASA
Telephone: +47 959 63 912
Email: kim.boman@aqualis.no

Other media enquiries

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

About Aqualis ASA

Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries and associates, offers energy consultancy services to the offshore oil, gas and renewables sectors globally. The group employs experienced consultants across 17 offices in 14 countries worldwide. Aqualis ASA operates under two different brands: AqualisBraemar and Offshore Wind Consultants. AqualisBraemar is a specialised offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Offshore Wind Consultants is a globally focused consultancy providing independent services to the offshore renewables industry.

7 June 2018

Aqualis meeting investors at an investor conference in Oslo

CFO Kim Boman presenting the Aqualis equity story at an investor conference hosted by Oslo Stock Exchange and AksjeNorge in Oslo on Wednesday, June 6.

You download the presentation here.

Kim Boman presenting

For further information, please contact:

Investors and financial media

Kim Boman, CFO, Aqualis ASA
Telephone: +47 959 63 912
Email: kim.boman@aqualis.no

Other media enquiries

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

About Aqualis ASA

Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries and associates, offers energy consultancy services to the offshore oil, gas and renewables sectors globally. The group employs experienced consultants across 17 offices in 14 countries worldwide. Aqualis ASA operates under two different brands: AqualisBraemar and Offshore Wind Consultants. AqualisBraemar is a specialised offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Offshore Wind Consultants is a globally focused consultancy providing independent services to the offshore renewables industry.

24 May 2018

Aqualis completes the sale of its 49.9% stake in ADLER Solar

The international energy consultancy Aqualis ASA (“Aqualis” or “Company”) announced today that the Company has successfully completed the sale of its 49.9% investment in ADLER Solar to D2D4. Reference is made to the stock exchange announcements on 3 May. D2D4 has paid a cash consideration of EUR 250 thousands. There is an earn-out clause that may release up to EUR 349 thousand depending on the financial performance and ability of ADLER Solar to repay its original shareholder loan.

Following the sale, Aqualis will focus on its’ core consultancy business in the oil and gas and offshore wind markets and strengthen its position as a leading global player.

 

For further information, please contact:

Investors and financial media

Kim Boman, CFO, Aqualis ASA
Telephone: +47 959 63 912
Email: kim.boman@aqualis.no

Other media enquiries

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

About Aqualis ASA

Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries and associates, offers energy consultancy services to the offshore oil, gas and renewables sectors globally. The group employs experienced consultants across 17 offices in 14 countries worldwide. Aqualis ASA operates under two different brands: AqualisBraemar and Offshore Wind Consultants. AqualisBraemar is a specialised offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Offshore Wind Consultants is a globally focused consultancy providing independent services to the offshore renewables industry.

14 May 2018

Minutes from the Annual General Meeting 2018

Please find attached the minutes from the Annual General Meeting held in Asker on 14 May 2018. All matters were resolved as proposed in the Notice to the Annual General Meeting.

Signed Minutes from AGM 2018_Eng

Signed Minutes from AGM 2018_Nor

For further information, please contact:

Investors and financial media

Kim Boman, CFO, Aqualis ASA
Telephone: +47 959 63 912
Email: kim.boman@aqualis.no

Other media enquiries

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

About Aqualis ASA

Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries and associates, offers energy consultancy services to the offshore oil, gas and renewables sectors globally. The group employs experienced consultants across 17 offices in 14 countries worldwide. Aqualis ASA operates under two different brands: AqualisBraemar and Offshore Wind Consultants. AqualisBraemar is a specialised offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Offshore Wind Consultants is a globally focused consultancy providing independent services to the offshore renewables industry.

8 May 2018

Notice of Annual General Meeting

The Annual General Meeting of Aqualis ASA will be held on 14 May 2018 at 13:00 CET at Bleikerveien 17, 1387 Asker, Norway. The formal notice for the Annual General Meeting was on 23 April sent to all shareholders registered in the Norwegian Central Security Depository (VPS) and made available on Aqualis’ homepage www.aqualis.no

Please find attached the following documents:

– The notice of the Annual General Meeting 2018 with proposal from the Nomination Committee

– The attendance and proxy form

For further information, please contact:

Investors and financial media
Kim Boman, CFO, Aqualis ASA
Telephone: +47 959 63 912
Email: kim.boman@aqualis.no

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

About Aqualis ASA
Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries and associates, offers energy consultancy services to the offshore oil, gas and renewables sectors globally. The group employs experienced consultants across 17 offices in 14 countries worldwide. Aqualis ASA operates under two different brands: AqualisBraemar and Offshore Wind Consultants. AqualisBraemar is a specialised offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Offshore Wind Consultants is a globally focused consultancy providing independent services to the offshore renewables industry.

3 May 2018

Aqualis announces the sale of its 49.9% stake in ADLER Solar – Extended announcement

The international energy consultancy Aqualis ASA (“Aqualis” or “Company”) has entered into a Purchase and Transfer agreement with D2D4 (“D2D4”) for the sale of its 49.9% investment in ADLER Solar and a separate EUR 349 thousand shareholder loan. D2D4 will pay a cash consideration of EUR 250 thousand for the shares and the shareholder loan. In addition, there is an earn-out clause that may release up to EUR 349 thousand depending on the financial performance and ability of ADLER Solar to repay its original shareholder loan. The transaction will at closing have a positive cash effect of EUR 250 thousand, before any transaction costs and future earn-out. 

The closing of the Purchase and Transfer Agreement will take place subject to fulfilment of customary closing conditions. Estimated time of closing is within the next few weeks. 

“We have been a 49.9% shareholder in ADLER Solar since 2015 and our ambition has been to expand our energy consultancy business into the solar business as a separate segment beside our oil and gas and offshore wind-related business. The services of ADLER Solar have not been an integrated part of our services within our existing oil & gas and offshore wind consultancy work.

The development of ADLER Solar has not met our ambitions and we believe that a new owner will have a better foundation for developing the company. The market conditions in Germany have been challenging the past years and there have been changes that have adversely impacted ADLER Solar and the solar industry. The sale of ADLER Solar allows us to focus on our core consultancy business in the oil and gas and offshore wind markets and strengthen our position as a leading global player. We strongly believe in the continued expansion of the offshore renewable sector and in our strategy to expand our offshore wind business into emerging markets” says Chairman Glen Rødland

ADLER Solar is a leading full-service provider for the solar power industry. The company offers an extensive spectrum of technical and engineering services for the entire lifecycle of photovoltaic (PV) power plants. ADLER Solar was incorporated in 2009 and today employs 80 people, including operating service teams and PV experts. ADLER Solar is based in Germany. Clients include solar energy plant manufacturers and operators, insurance companies, PV experts, project planners, wholesalers, installers, investors and banks. 

The advisory board in ADLER Solar currently consists of Kim Boman (Chairman), Klaus Meier, Jens Eckhoff, Andreas Wellbrock, David Wells and Gerhard Cunze. The management team of ADLER Solar currently consists of Gerhard Kunze (CEO) and Heinz Hackmann (CFO).

Financial information for ADLER Solar is included in the attachment to this announcement.

Key financial data _ADLER Solar

 

About Aqualis ASA
Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries and associates, offers energy consultancy services to the global oil and gas, wind and solar sectors. The group employs experienced consultants in 19 offices in 14 countries worldwide. Aqualis ASA operates under three different brands: AqualisBraemar, Offshore Wind Consultants and ADLER Solar. AqualisBraemar is a specialized offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Offshore Wind Consultants is a globally focused consultancy providing independent services to the offshore renewables industry. ADLER Solar is a technical and engineering service provider for the global solar industry. Aqualis owns 49.9 percent of ADLER Solar

26 April 2018

Q1 2018 financial results

KEY HIGHLIGHTS 

  • Revenues of USD 8.2 million in Q1 2018 vs. USD 7.6 million in Q1 2017
  • Adjusted EBIT of USD 0.2 million in Q1 2018 vs USD 0.5 million in Q1 2017 
  • Operating profit (EBIT) of USD 0.2 million in Q1 2018 vs USD 0.2 million in Q1 2017
  • Positive group development continues, but EBIT impacted by significant losses in Norway and end of several long term projects during Q4 2017
  • Good billing ratio of 81% in Q1 2018
  • Continued solid HSE performance and no lost time incidents (LTIs) during the quarter 
  • Robust financial position with cash balance of USD 9.8 million
  • The oil & gas market remains challenging but with increasing signs of recovery
  • Activity in offshore wind market still remains high and new contracts have been secured
  • Order backlog decreased to USD 7.2 million with increasing pipeline of opportunities

David Wells, CEO of Aqualis ASA said:

“We are pleased that our positive momentum continues even after completion of several long-term projects at the end of 2017. Most of our entities have strengthened their market position and delivered positive results, except Norway in particular, where we have implemented additional profitability measures that are gradually phased in during Q2 2018. Looking ahead, we expect that our group operational performance in Q2 2018 will strengthen.

The activity in the offshore wind sector remains high, but with a competitive business environment. Growth opportunities are global and are likely to increase. Our focus is on capitalizing on these opportunities, leveraging our global office network and expanding our footprint. In addition, we are continuing to staff up our offshore wind operations in Europe.” 

For more information, please see the attached first quarter 2018 report.

Morning program
A presentation is scheduled the same day at 8:00 am CET at Carnegie’s office at Kepler Cheuvreux / Swedbank’s office at Filipstad Brygge 1, 0120 Oslo.

The presentation, held in English, will be webcasted live and available for replay shortly after. To watch the webcast over the internet, please visit Aqualis’ website, www.aqualis.no, at least 10 minutes early to download and install any necessary software.

The earnings release concerning the first quarter 2018 results and a corresponding slide presentation will be posted on www.newsweb.no and on Aqualis’ website www.aqualisbraemar.com.

 

Q1 2018 report

Q1 2018 presentation

 

For further information, please contact:

Investors and financial media
Kim Boman, CFO, Aqualis ASA
Telephone: +47 959 63 912
Email: kim.boman@aqualis.no

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

About Aqualis ASA
Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries and associates, offers energy consultancy services to the global oil and gas, wind and solar sectors. The group employs experienced consultants in 19 offices in 14 countries worldwide. Aqualis ASA operates under three different brands: AqualisBraemar, Offshore Wind Consultants and ADLER Solar. AqualisBraemar is a specialized offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Offshore Wind Consultants is a globally focused consultancy providing independent services to the offshore renewables industry. ADLER Solar is a technical and engineering service provider for the global solar industry. Aqualis owns 49.9 percent of ADLER Solar.