ABL Group — Earnings Release 2016

Aug 25, 2016

Aqualis ASA : Q2 2016 financial results

Aqualis ASA : Q2 2016 financial results

Oslo, Norway - August 25, 2016:

Key highlights

* Revenues of USD 8.2 million in Q2 2016 vs USD 11.4 million in Q2 2015

* The activity level and revenues increased in most regions from Q1 2016

* Operating loss (EBIT) of USD 0.8 million in Q2 2016 vs EBIT of USD 0.0

million in Q2 2015

* Results impacted by weak performance at the beginning of the quarter and

costs of USD 0.1 million related to provision for legal case. Cost

efficiency measures continued to take effect throughout the quarter

* Billing ratio increased from 67% Q1 2016 to 75% in Q2 2016 due to improved

operational performance and capacity adjustments

* Order backlog maintained at approximately USD 10 million (3rd consecutive

quarter)

* High activity within offshore wind market and new contract wins

* ADLER Solar results impacted by lack of larger projects and introduction of

new services

* Cash balance at the end of quarter of USD 11.7 million vs USD 13.2 million a

quarter earlier

* Continued solid HSE performance, no lost time incidents during the quarter

* 175 employees vs 193 a quarter earlier

David Wells, CEO of Aqualis ASA said:

"We have made progress during the quarter to improve our profitability, but not

enough. The effects of measures implemented will continue to take effect

throughout 2016, and we will continue to take steps to improve our profitability

and competitiveness. I am pleased that we managed to improve the activity level

in Q2 2016 and increase the billing ratio.

The contract visibility is short term and being adaptive and having the ability

to respond quickly to market changes is the key to manage the business

successfully. The remainder of 2016 and into 2017 is going to be challenging for

the oil and gas industry."

For more information, please see the attached second quarter 2016 report.

Morning program:

A presentation is scheduled the same day at 8:00 am CET at Swedbank's office at

Filipstad Brygge 1, 0252 Oslo, Norway.

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' web site, www.aqualis.no, at least 10 minutes early to to download and

install any necessary software.

The earnings release concerning the second quarter 2016 results and a

corresponding slide presentation will be posted on www.newsweb.no and on

Aqualis' web site www.aqualis.no.

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 22 offices in

15 countries worldwide. Aqualis ASA operates under three different brands:

Aqualis Offshore, Offshore Wind Consultants and ADLER Solar. 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. ADLER Solar is a technical and

engineering service provider for the global solar industry. Aqualis owns 49.9

percent of ADLER Solar.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.