ABL Group — Earnings Release 2016

Apr 26, 2016

Aqualis ASA: Q1 2016 financial results

Aqualis ASA: Q1 2016 financial results

Oslo, Norway - April 26, 2016:

Key highlights

* Revenues of USD 6.9 million in Q1 2016 vs USD 11.4 million in Q1 2015

* Operating loss (EBIT) of USD 1.5 million in Q1 2016 vs EBIT of USD 0.5

million in Q1 2015

* The results have been hurt by weaker than expected market conditions in the

oil and gas market and a consequently too low billing ratio. The trading

conditions improved in March

* Capacity and cost adjustments continue to take effect and being implemented

across the group

* Increased market push to secure new contracts/new clients with some good

results

* Strengthened market position within offshore wind market with 6 month

outlook

* Seasonal slowdown for ADLER Solar in the winter months but with positive

2016 outlook

* Order back-log of USD 10.5 million vs USD 17.1 million a year earlier

* Closing cash balance of USD 13.2 million vs USD 14.9 million a quarter

earlier

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

* 193 employees1 vs 220 a quarter earlier

David Wells, CEO of Aqualis ASA said:

"The O&G market started the year slower and weaker than we expected,

particularly in January and February, but we have been encouraged by the recent

numbers of small consultancy opportunities that we are identifying and winning

in this tight market.

Being adaptive and having the ability to respond quickly to market changes is

the key going forwards given that opportunities are becoming increasingly

competitive. Year 2016 is going to be challenging for the whole industry but

there are some exciting opportunities. By contrast the markets for offshore

renewables and solar have started the year firmly justifying our decision not to

rely on a single market"

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

Morning program:

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

Grundingen 2, 0250 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 first 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.

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