ABL Group — Earnings Release 2016

Feb 17, 2017

Aqualis ASA: Q4 2016 financial results

Aqualis ASA: Q4 2016 financial results

Oslo, Norway - February 17, 2017

Key highlights

* Revenues of USD 6.2 million in Q4 2016, down 29% from Q4 2015

* Operating loss (EBIT) of USD 1.0 million and adjusted operating loss of USD

0.5 million

* Results impacted by goodwill impairments, downsizing related costs and weak

market conditions in the oil and gas market

* Billing ratio for technical staff of 76 % in Q4 2016, up from 73% in Q3 2016

* Cost efficiency measures took effect throughout the quarter, but still

behind the "curve"

* Offshore wind market is strong and new contracts have been secured

* Weak results for ADLER Solar as phase in of cost measures and new services

continues

* Order backlog at USD 6.7 million

* Pipeline and bidding activity increasing over the past months

* Cash balance of USD 9.9 million at the end of Q4 2016

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

quarter

David Wells, CEO of Aqualis ASA said:

"Whilst the oil and gas market remains weak, we have seen signs of increased

tender activity and there are indications that we have either reached or are

near the bottom of this recession. Contract visibility remains short term

forcing us to take further cost and operational measures to ensure

profitability. These will continue to be phased in throughout H1 2017.

We expect 2017 to remain challenging for the oil and gas industry and we need to

remain alert and adapting quickly to the opportunities that the market presents

to us."

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

Morning program:

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

Filipstad Brygge 1, 0252 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 2016 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.