ABL Group — Earnings Release 2014

Oct 29, 2014

Aqualis ASA : Third quarter results 2014

Aqualis ASA : Third quarter results 2014

29 October 2014 - Marine and offshore engineering consultancy group Aqualis ASA

(Aqualis) reported revenues of USD 10.7 million in the third quarter 2014.

Adjusted EBIT was USD 0.3 million. Order backlog stood at USD 22 million at the

end of the third quarter.

"We continue our geographical expansion as well as growth in revenues and

consultants. We signed important contracts and frame agreements during the

quarter, and were successfully listed as a fully-fledged marine and offshore

engineering group. Our order book also developed positively. In sum, it has been

a solid and eventful quarter," says David Wells, CEO of Aqualis ASA.

Operating revenues were USD 10.7 million in the third quarter of 2014. Adjusted

earnings before interest and tax (EBIT) was USD 0.3 million. EBIT was negative

at USD 1.1 million after USD 1.4 million in one-off costs related to corporate

restructuring and listing on the Oslo stock exchange. Operating cash flow,

adjusted for one-off items, was positive at USD 0.2million. As of 30 September

2014, the group had cash and cash equivalents of USD 21.4 million and no

interest-bearing debt.

A key milestone in the third quarter was the signing of a contract with Saudi

Aramco, the world's largest energy company, for rig moving services in the

Arabian Gulf.

At the end of the third quarter, Aqualis' order backlog from fixed contracts was

USD 22 million - an increase of 16 percent from the previous quarter. More than

50 percent of this work is scheduled for completion from 2015 and onwards.

"We have a healthy work backlog and we foresee continued strong activity levels

in all market segments going forward. As a result, we expect continued growth in

Q4 and throughout 2015," says David Wells.

Please find enclosed the interim report and presentation for the third quarter

2014 or see www.newsweb.no.

ENDS

For further information, please contact:

Investors

Christian Opsahl, CFO

Tel: +47 901 101 53

E-mail: christian.opsahl@aqualis.no

Media

Endre Johansen, Corporate Communications AS

Tel: +47 41 61 06 05

E-mail: endre.johansen@corpcom.no

About Aqualis ASA

Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries,

offers marine and engineering consultancy services to the offshore oil, gas and

renewable sectors globally. The group employs approximately 165 experienced

consultants across 13 offices in 10 countries worldwide. Aqualis ASA operates

under three different brands: Aqualis Offshore, Tristein and Offshore Wind

Consultants. Aqualis Offshore is a specialized offshore marine and engineering

consultancy firm, focusing on the shallow and deep-water offshore segments of

the oil and gas industry. Tristein is a provider of marine operations for the

offshore oil, gas and wind industries. Offshore Wind Consultants is a globally

focused consultancy providing independent services to the offshore renewables

industry.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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