ABL Group — Earnings Release 2017

Apr 27, 2017

Aqualis ASA: Q1 2017 financial results

Aqualis ASA: Q1 2017 financial results

Aqualis Delivers Strong Operational Performance in Challenging Market and A

Turnaround Quarter

Oslo, Norway - April 27, 2017

Key highlights

* Revenues of USD 7.6 million in Q1 2017, increase by 10% from Q1 2016

* Operating profit (EBIT) of USD 0.2 million in Q1 2017 vs. loss of USD 1.5

million in Q1 2016

* Billing ratio for technical staff of 78% in Q1 2017, up from 76% in Q4 2016

* Profitability measures took effect throughout the quarter

* Offshore wind market remains active and new contracts have been secured

* Weak results for ADLER Solar due mainly to weather conditions and project

delays

* Order backlog at USD 10.0 million vs USD 6.7 million at the end of Q4 2016

* Bidding activity increasing

* Cash balance of USD 9.6 million at the end of Q1 2017

* Continued solid HSE performance and no lost time incidents (LTIs) during the

quarter

David Wells, CEO of Aqualis ASA said:

"After a challenging 2016, we are extremely pleased with the turnaround achieved

in Q1 2017. We are profitable despite continued challenging market conditions

characterized by margin pressure and high business volatility.

The result is underpinned by strong operational performance, important contract

wins and the phase in of profitability measures. I am proud of the effort our

staff and management have made in achieving a turnaround while continuing to

deliver a superior service to our clients.

We expect 2017 to remain challenging for us and the oil and gas industry. I am

confident that we have a strong basis on which to continue to improve our

business and deliver excellent service to our customers"

For more information, please see the attached first quarter 2017 report.

Morning program:

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

Fjordalleen 16, 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 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 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.