ABL Group — Earnings Release 2015

Oct 27, 2015

Aqualis ASA: Q3 2015 financial results

Aqualis ASA: Q3 2015 financial results

27 October 2015 - Offshore and marine engineering consultancy group Aqualis ASA

(Aqualis) reported revenues of USD 9.5 million in the third quarter 2015. EBIT

was negative USD 1.4 million. The company continued its rapid expansion through

opening three new offices in Q3 as well as announcing plans to move into the

solar energy sector.

"As guided in our Q2 report, we experienced a slight decrease in revenues in the

third quarter, partly because of the effects of monsoon season offshore India.

However, the underlying performance of the group remains solid, despite some

weak oil and gas segments. In sum, we are operating on a solid platform while

continuing to expand both our international presence and service offering," says

David Wells, CEO of Aqualis ASA.

Operating revenues were USD 9.5 million in the third quarter 2015 (Q3 2014: USD

11.3 million). Earnings before interest and tax (EBIT) was negative USD 1.4

million (-1 million). Profit after tax was negative USD 1.5 million (-1.2

million). Cash flow in the quarter was negative USD 1.8 million.

Aqualis' order backlog from fixed contracts stood at USD 15.1 million at the end

of September. This is the same level as the end of the previous quarter.

"Our strategic shift from new-build to the operations segment affects the size

of our backlog. However, it is worth remembering that day-to-day service

operations are managed by call-out contracts that do not get included in our

backlog figures. Our pipeline of work from these types of contract continues to

look solid," says David Wells.

Aqualis made two major strategic expansion moves during the third quarter.

Firstly, the company continued its fast-paced geographical expansion and opened

new offices in Germany, Malaysia and South Korea.

Secondly, in September Aqualis signed a MoU to acquire a 49.9 percent stake in

Adler Solar - a Germany-based company specialising in the provision of

engineering consultancy and testing services for all lifecycle phases of PV

plants and PV modules. The transaction is expected to be closed in the fourth

quarter.

Through the acquisition of Adler Solar, Aqualis will achieve its original

strategy of operating as "energy consultants" across three main sectors: oil and

gas (Aqualis Offshore), offshore renewables (Offshore Wind Consultants) and

solar energy (Adler Solar).

"A key priority going forward is the consolidation of our recent fast-paced

footprint growth. There are numerous opportunities within these countries which

we aim to capitalise on. We will also continue to monitor possible structural

add-on opportunities to enhance value for Aqualis' shareholders," says David

Wells.

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

2015 or see www.newsweb.no.

At 09:00 CET a live webcast with CEO David Wells and CFO Christian Opsahl

presenting the Q3 financial results will be available from the following URL:

http://webtv.hegnar.no/presentation.php?webcastId=25481094

ENDS

For further information, please contact:

Investors

Christian Opsahl, CFO, Aqualis ASA, tel: +47 901 101 53, email:

christian.opsahl@aqualis.no.

Media

Endre Johansen, Corporate Communications AS, tel: +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,

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

renewable sectors globally. The group employs 230 experienced consultants across

19 offices in 14 countries worldwide. Aqualis ASA operates under two different

brands: Aqualis Offshore 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. Offshore

Wind Consultants is a globally focused consultancy providing independent

services to the offshore renewables industry.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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