ABL Group — Earnings Release 2017

Oct 26, 2017

2017 Q3 financial results

2017 Q3 financial results

Oslo, Norway - October 26, 2017

Key highlights

- Revenues of USD 7.3 million in Q3 2017 vs. USD 6.4

million Q3 2016

- High activity level maintained in a traditionally

weak quarter

- Operating profit (EBIT) of USD 0.1 million in Q3

2017 vs. loss of USD 0.7 million in Q3 2016

- Billing ratio for technical staff of 83% in Q3 2017,

on same level as in Q2 2017

- Improved cash balance of USD 9.8 million at the end

of Q3 2017

- Order backlog of USD 8.5 million at the end of Q3

2017 vs USD 10.3 million at the end of Q2 2017

- Activity in offshore wind market still remains high

and new contracts have been secured

- ADLER Solar increasing the bidding activity, but

sales taking longer time to close

- Continued solid HSE performance and no lost time

incidents (LTIs) during the quarter

David Wells, CEO of Aqualis ASA said:

"I am pleased that we, in challenging market conditions in

the oil and gas sector, have achieved three consecutive

quarters of positive operating profit. Most of our entities

have delivered robust results underpinned by strong

operational performance and important client wins.

The offshore wind sector remains active and highly

competitive. We continue to leverage our growing reputation

to strengthen our market position. We have managed to widen

our global operations and won recently our first contract in

the US market.

ADLER Solar has increased the bidding activity over the past

months, but sales have taken longer time to close as the

company is focusing on larger projects with longer lead

times. The results are expected to improve in Q4 2017 and

additional profitability measures have been and are being

implemented to improve profitability.

There are indications that the oil and gas market may have

bottomed out, but we still expect market conditions to

remain challenging in 2017 and 2018. We have set up a good

platform from which to rebuild, strengthen our business

model and deliver excellent service to our customers" says

Mr. David Wells, CEO of Aqualis ASA."

For more information, please see the attached third quarter

2017 report.

Morning program:

A presentation is scheduled the same day at 8:00 am CET at

Kepler Cheuvreux / Swedbank's office at Filipstad Brygge 1,

0120 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 download and

install any necessary software.

The earnings release concerning the third quarter 2017

results and a corresponding slide presentation will be

posted on www.newsweb.no and on Aqualis' web site

www.aqualisoffshore.com.

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 21 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.