ABL Group — Earnings Release 2015

Feb 18, 2016

Aqualis ASA: Q4 2015 financial results

Aqualis ASA: Q4 2015 financial results

Oslo, Norway - February 18, 2016:

Key highlights

* Completion of the acquisition of 49.9% ownership in ADLER Solar

* Revenues of USD 8.8 million in Q4 2015 vs USD 10.6 million in Q4 2014

* Operating loss (EBIT) of USD 1.1 million in Q4 2015 vs EBIT loss USD 0.8

million in Q4 2014

* Adjusted EBIT loss of USD 0.6 million in Q4 2015

* Operations impacted by lower activity level in the oil and gas market

* Order back-log of USD 10.7 million vs USD 20.0 million a year earlier

* Closing cash balance of USD 14.9 million vs USD 18.6 million a quarter

earlier

* Rationalisation of engineering departments in Dubai, Houston and the office

in Brazil to align capacity to changes in market conditions

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

* 220 employees at year end 2015 vs 236 employees a quarter earlier

David Wells, CEO of Aqualis ASA said:

"We are pleased with completing the acquisition of ADLER Solar and thereby

expanding and strengthening our energy consultancy business in the renewable

industry. Aqualis' Q4 2015 results have been impacted by softer market

conditions in the oil and gas market, early terminations of ongoing projects and

a strengthening USD"

For more information, please see the attached fourth quarter 2015 report.

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

Filipstad Brygge 1, 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 fourth quarter 2015 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,

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.

[HUG#1987074]