ABL Group — Earnings Release 2017

Jul 21, 2017

Aqualis ASA: Q2 2017 financial results

Aqualis ASA: Q2 2017 financial results

Oslo, Norway - July 21, 2017

Key highlights

- Revenues of USD 7.3 million in Q2 2017 vs. USD 8.2 million

Q2 2016

- Operating profit (EBIT) of USD 0.4 million in Q2 2017 vs.

loss of USD 0.8 million in Q2 2016

- Billing ratio for technical staff of 83% in Q2 2017, up

from 78% in Q1 2017

- Profitability measures took effect throughout the quarter

- Activity in offshore wind market remains high and new

contracts have been secured

- Positive contribution from ADLER Solar as profitability

measures are taking effect

- Order backlog at USD 10.3 million vs USD 10.0 million at

the end of Q1 2017

- Cash balance of USD 8.9 million at the end of Q2 2017

- Continued solid HSE performance and no lost time incidents

(LTIs) during the quarter

David Wells, CEO of Aqualis ASA said:

"We are delighted that we have been able to deliver a

profitable quarter and positive figures for Q2 2017 and 1H

2017. It has been great team effort with many of our

entities delivering strong performance. The result is

underpinned by strong operational performance and the

increased flexibility of our business model.

Our renewable businesses, Offshore Wind Consultants Ltd and

ADLER Solar GmbH, have both delivered good performance. We

will continue to identify market opportunities in the

offshore wind sector to leverage our strong market position,

brand name, skill base and global network. We expect more

activity in the offshore wind market driven by increased

demand as costs continue to fall.

ADLER Solar has taken steps to re-position its services to

new market segments over the past year and implemented

profitability measures to improve efficiencies. We are

pleased that ADLER Solar delivers positive results in Q2

2017 and that the implemented profitability measures are

taking effect. The company will need to take further

measures to improve sales activity and increase the

proportion of larger projects.

The oil and gas market is still challenging and expected to

remain so for the rest of 2017. I am confident that we have

a strong basis on which to continue to improve our business

and deliver excellent service to our customers" says Mr

David Wells, CEO of Aqualis ASA.

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.