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AKVA Group Interim / Quarterly Report 2016

May 11, 2016

3532_rns_2016-05-11_7d849739-6ac4-4dc3-a39f-523294f9914c.pdf

Interim / Quarterly Report

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On track – with a good start of the year

First Quarter 2015 – HIGHLIGHTS

  • All business segments are performing well – best Q1 ever
  • A broad mix of products and services contribute financially – becoming a stronger and more diversified Group
  • Mid term target of 10% EBITDA achieved over the last 12 months
  • Land based has had a good quarter – becoming an important part of AKVA
  • Farming Services – positioning ourselves for profitable growth
  • Ending the quarter with the highest order backlog ever – the strong market activity continues into Q2
  • Strong financial position

Revenues and profits for the Group

(Figures in brackets = 2015 unless other is specified)

Operations and profit

AKVA group delivered its best first quarter ever. All business segments have performed well in Q1.

The cage based segment in the Nordic region continues strongly with a good performance in Q1, which usually is a low season quarter in this region. A broader range of products are contributing to the margins. There was low activity in Chile due to challenging market conditions. UK, Canada, Turkey and Australia have all achieved a good result in Q1.

Software continues with good performance and improved margins year on year.

The Land based segment is, as expected, improving the margins year on year and represented 20 percent of total revenue for the Group in Q1.

Continued strong market activity during Q1 has materialized in the highest order backlog ever for AKVA group for the third quarter in a row.

Balance sheet continues to be strong.

Total revenue in Q1 was 392.5 MNOK (325.0) with an EBITDA of 39.6 MNOK (26.6). EBIT was 25.0 MNOK (16.1).

Net financial items in Q1 was -7.7 MNOK (1.5), resulting in a profit before tax of 15.4 MNOK (16.3). The increase in net financial items year on year in Q1 is mostly explained by currency movements and acquisition costs. These costs are on the higher side of what we consider as normal.

Net profit was 12.5 MNOK (11.4) after allowing for taxes of 3.0 MNOK (4.9).

Quarterly revenue

Business segments

AKVA group has organized its business into three technology segments;

  • Cage based technologies (CBT): Includes cages, barges, feed systems and other operational technologies and systems for cage based aquaculture,
  • Land based technologies (LBT): Includes recirculation systems and technologies for land based aquaculture, and
  • Software (SW): Includes software solutions and professional services.

AKVA group has organized its business into three geographical segments;

  • Nordic: Includes the Nordic countries,
  • Americas: Includes Americas and Oceania, and
  • Export: Includes the rest of the world.

AKVA group also divides its business between CAPEX and OPEX based revenue (formerly called recurring and non-recurring business);

  • CAPEX based: Revenue classified as CAPEX in our customers' accounts
  • OPEX based: Revenue classified as OPEX in our customers' accounts

Revenue CAPEX or OPEX based (Q1 2016)

AKVA group business may also be divided between revenue from technology and services to salmon, other species and non-seafood;

  • Salmon: Revenue from technology and services sold to production of salmon
  • Other species: Revenue from technology and services sold to production of other species than salmon
  • Non Seafood: Revenue from technology and services sold to non seafood customers

Revenue by species (Q1 2016)

The following information is divided into the three technology segments. Comments on the geographical segments are included where relevant.

Cage based technologies (CBT)

CBT revenue in Q1 was 276.6 MNOK (258.9). Revenue in the Nordic region was 208.2 MNOK (155.7), in the Americas region 31.1 MNOK (63.8) and in the Export region 37.3 MNOK (39.4).

EBITDA for CBT in Q1 was 28.3 MNOK (23.0) resulting in an EBITDA margin of 10.2% (8.9%). EBIT in Q1 was 18.3 MNOK (15.3) representing an EBIT margin of 6.6% (5.9%).

Nordic

Nordic CBT had a good performance in Q1. January and February is traditionally the two last months of the low season in the Nordic CBT segment.

A wide range of products continue to contribute to the good financial performance. Main drivers were the AKVAsmart products (sensors and feed systems), Barges and Polarcirkel cages.

Americas

We experienced low activity in Chile in Q1, as expected. Our revenue in Chile in Q1 was mostly related to service sales.

Canada had a similar start of the year as last year. Our Canadian operation is a lean and efficient operation.

Australia continues to be a small, but profitable operation.

Export

UK had a decent start of the year and continues to have a high level of OPEX based revenue.

Turkey had a very good start of the year and is experiencing increased activity in the Sea Bass and Sea Bream industry.

Export to emerging markets experienced a slow quarter, but with increasing activity in some markets, especially in Iran. Emerging markets are dominated by a few but large contracts and this gives variations in the P&L quarter by quarter.

Software (SW)

Revenue for SW in Q1 2016 was 36.4 MNOK (30.8). The EBITDA was 6.4 MNOK (4.3) resulting in an EBITDA margin of 17.5% (14.0%) and an EBIT of 3.6 MNOK (2.0) representing an EBIT margin of 9.8% (6.5%).

AKVA group Software AS had a good start of the year.

Wise lausnir ehf experienced improved performance year on year in Q1.

Wise Blue AS, a Norwegian subsidiary of Wise lausnir ehf, is a small but profitable business.

Software continues to invest in new product modules, which is expected to strengthen the financial performance of the software segment further.

Land based technologies (LBT)

LBT Q1 2016 revenue was 79.6 MNOK (35.3) with an EBITDA of 5.0 MNOK (- 0.7) resulting in an EBITDA margin of 6.3% (-1.9%) and an EBIT of 3.1 MNOK (-1.2) representing an EBIT margin of 3.9% (-3.4%).

LBT represented 20% of total Group revenue in the first quarter.

LBT have had a significant improved performance year on year in Q1.

Plastsveis AS is on track with a good start of the year.

Aquatec Solutions A/S also had a good performance in Q1.

AKVA group Denmark A/S had a decent quarter, but there is still potential for further improvements financially.

The Land based segment ended the quarter with a good order backlog. The large Land based contract of ~ MNOK 186 (MDKK 150) announced in a stock notice on April 4th, 2016 is not included in the Q1 2016 order backlog. It will be included in the Q2 order backlog in the next quarterly report.

Balance sheet and cash flow

The balance sheet remains strong.

The working capital in the Group balance sheet, defined as non-interest bearing current assets less noninterest bearing current liabilities was 64 MNOK at the end of Q1 2016, compared to 137 MNOK at the end of Q1 2015. Working capital as a percentage of 12 months rolling revenue has improved YoY from 10.8% to 4.3%. We are able to maintain a very low working capital despite record high activity.

Cash and unused credit facilities amounted to 230 MNOK at the end of Q1 2016 versus 147 MNOK at the end of Q1 2015. The total credit facility at Danske Bank is 90 MNOK.

Net interest-bearing debt was 71 MNOK at the end of Q1 2016 compared to 82 MNOK at the end of Q1 2015. Gross interest-bearing debt was 221.2 MNOK at the end of Q1 2015 versus 139.8 MNOK at the end of Q1 2015. The short term interest bearing debt includes the next 12 months installments of the long term

debt. This is in accordance to current IFRS requirements.

Investments in Q1 2016 amounted to 23.1 MNOK of which 5.6 MNOK was capitalized R&D expenses in accordance to IFRS and 7.7 MNOK was related to rental. Total 2015 investments were 75.8 MNOK whereof 19.0 MNOK was capitalized R&D expenses in accordance to IFRS and 29.7 MNOK was related to rental. Annualized CAPEX as percentage of revenue was 6% in Q1 and annualized CAPEX as percentage of revenue in 2015 was 5%.

Return on capital employed (ROCE) in Q1 2016 ended at 17.9% (12.3%).

Total assets and total equity amounted to 1,117 MNOK and 435 MNOK respectively, resulting in an equity ratio of 38.9% (42.8%) at the end of Q1 2016.

Other shareholder issues

Earnings per share in Q1 2016 was 0.45 NOK (0.44). Earnings per share in 2015 was 2.20 NOK. The calculations are based on 25,834,303 (25,834,303) shares average.

The 20 largest shareholders are presented in note 4 in this report.

AKVA Marine Services AS – our new Farming Services vehicle

AKVA group ASA acquired 58% of AD Offshore AS on April 7th , 2016.

The acquisition of AD Offshore AS was a natural step in AKVA group's strategy to strengthen its position in the aquaculture industry service segment. We expect the market for farming services to the aquaculture industry to grow in the coming years and we expect a consolidation of the players. Through this acquisition, AKVA group ASA will be well positioned to participate in this development. AD Offshore AS presents significant synergies with our existing activity in this segment.

The process of merging YesMaritime AS and Rogaland Sjøtjenester AS with AD Offshore AS is expected to be finalized in Q2 2016.

AKVA group ASA will own 65% of the new merged company and the name of the new entity will be AKVA Marine Services AS.

AKVA Marine Services AS will be a lean and effective player in the farming services industry and will cover the farming services market in Rogaland and Hordaland.

AKVA Marine Services AS – Signed LOI with Techno Dive

AKVA Marine Services AS entered into a letter of intent regarding a possible acquisition of an inshore/offshore diving and aquaculture farming services provider, Techno Dive AS on May 10th, 2016. The parties aim to complete customary due diligence investigations and negotiations of a final purchase agreement by mid-June 2016, and if final terms are agreed, to complete the transaction by the end of June 2016. A transaction is expected to be settled in cash.

Techno Dive AS is a leading provider of safe and efficient subsea work, with worldwide experience through countless projects. The company is considered to be a good fit with AKVA Marine Services AS and is expected to strengthen its position in the Farming Services segment further.

Plastsveis – exercising call option to buy the remaining 30% of the shares

AKVA group ASA has exercised a call option to buy the remaining 30% of the shares in Plastsveis from the minority shareholders. The option could be exercised from January 2016 and onwards.

The call option was exercised in March 2016 and the transaction was finalized on April 11th, 2016.

AKVA group ASA paid MNOK 0.5 for the remaining 30% of the shares, giving a total price for 100% of the shares of MNOK 19.5. EBITDA in 2015 was MNOK 7.3. AKVA group ASA owns 100% of the shares in Plastsveis AS from April 11th, 2016.

Atlantis Subsea Farming AS

In partnership with the companies Sinkaberg-Hansen AS and Egersund Net AS, AKVA group ASA established the company Atlantis Subsea Farming AS on February 1st, 2016 with the purpose of developing submersible fish-farming facilities for salmon on an industrial scale. Atlantis Subsea Farming AS has applied for six development licences to enable largescale development and testing of the new technology and operational concept.

The work on Atlantis started in summer 2014, and experts from all three companies have been and will continue to be involved in the work with the ATLANTIS concept.

Through its innovative development work, ATLANTIS aims both to contribute to better and more

sustainable use of current farming sites, as well as to enable use of more exposed sites than is currently possible. The goal is to achieve production gains and improve fish welfare by submerging the facilities, as they will be far less exposed to the environmental and physical conditions than in a surface position.

Large-scale testing will focus on thirdparty documentation of fish welfare and production performance, the technological capabilities of the system, and safeguarding the occupational health and safety of employees.

There are many risks associated with the project, and the testing of the technological and operational solutions requires large-scale testing beyond what can be done in today's fish farms based on traditional operating methods. The further progress of the project and our ability to ensure a methodical approach thus depends on us being granted development licences.

Although ATLANTIS represents a significant leap forward in terms of innovation, it is also an objective for the concept to keep costs at a level that helps strengthen the industry's competitive position. The aim is also that the technology and operating methods developed through ATLANTIS can be made available and adopted by the industry relatively quickly.

Market and future outlook

The order inflow in Q1 was 441 MNOK (367). The order backlog at the end of Q1 was 697 MNOK (547). This is the highest order backlog ever for AKVA group.

MNOK 283 of total order backlog at end of Q1 is related to Land based technology (LBT). The large Land based contract of ~MNOK 186 (MDKK 150) announced in a stock notice on April 4th, 2016 is not included in the Q1 2016 order backlog. It will be included in the Q2 order backlog in the next quarterly report.

We have a good mid term outlook due to high market activity and the large order backlog. The activity level is particularly high in the Nordic market segment.

The good demand in the Nordic cages based segment continues, with a shift towards sale of technology for more efficient production.

The Land based segment has experienced increased activity and this higher level of activity is expected to continue. The Land based segment is becoming a larger part of AKVA group.

UK and Canada experienced slightly less project sales so far compared to last year. Despite this both entities are expected to perform well in 2016.

We have continuing low expectations in Chile due to the challenging situation for our Chilean customers. Our exposure in Chile has reduced over recent years.

Our Turkey and Australian operations are expected to continue to perform well in the next quarters with a good order backlog.

Exports to emerging markets have seen a more optimistic start of the year than last year. The activity is still expected to fluctuate due to the nature of the business.

We continue our effort to build service and after sales as a key business element in all our markets and segments.

Selected disclosure notes

Note 1 General information and basis for preparation

AKVA group consists of AKVA group ASA and its subsidiaries. There have been no significant changes in the Group's legal structure since year-end 2015. AKVA group ASA acquired 58% of the shares in AD Offshore AS on April 7th, 2016. YesMaritime AS will, during Q2 2016, be merged with AD Offshore AS. The new company will be named AKVA Marine Services AS and AKVA group ASA will own 65% of the shares in this company. Please see the

notifications to the Oslo Stock Exchange in Q4 2015 and Q1 2016 for more details about the acquisition of shares in AD Offshore AS.

The condensed consolidated interim financial statements are unaudited. Because of rounding differences, numbers or percentages may not add up to the total. The consolidated financial statements for the Group for the year ended December 31st , 2015 are available upon request from the company's registered head office at Nordlysveien 4, 4340 Bryne, Norway or at

http://ir.akvagroup.com/investorrelations/financial-info-/annualreports.

These interim financial statements are prepared in accordance with International Financial Reporting Standards and interpretations (IFRS), as issued by the International Accounting Standards Board (IASB) and as adopted by EU (EU-IFRS), including International Accounting Standard 34, Interim Financial Reporting. The quarterly report does not include all information and disclosures required in the annual financial statements and should be read in connection with the Group's Annual Report for 2015.

Note 2 Business segments

AKVA group is organized in three business segments; Cage based technologies, Software and Land based technologies. The same accounting principles as described for the Group financial statements have been applied for the segment reporting. Inter-segment transfers or transactions are entered into under normal commercial terms and conditions, and the measurement used in the segment reporting is the same as used for the actual transactions.

Note 3 Recognition and measurement of assets and liabilities in connection with the AD Offshore AS acquisition

The recognition and measurement of assets and liabilities in connection with the AD Offshore AS acquisition is not final in the consolidated financial statement as of March 31 th, 2016. IFRS 3 permits adjustments to items

recognized in the original accounting for business combination, for a maximum of one year after the acquisition date, if and when new information about facts and circumstances existing at the acquisition date is obtained. AKVA group will make a final assessment before this one year period comes to an end.

Note 4 Top 20 shareholders as of March 31 st, 2016
-------- --------------------------------- ---- ----------
Number
of
Ownership
Shareholders Citizenship shares held percentage
EGERSUND GROUP AS NOR 13 203 105 51,1
WHEATSHEAF INVESTMENTS LIMITED GBR 3 900 000 15,1
VERDIPAPIRFONDET ALFRED BERG GAMBA NOR 853 662 3,3
MP PENSJON PK NOR 539 300 2,1
EIKA NORGE NOR 489 417 1,9
SKANDINAVISKA ENSKILDA BANKEN S.A. LUX 457 400 1,8
STATOIL PENSJON NOR 397 904 1,5
VERDIPAPIRFONDET DNB SMB NOR 370 447 1,4
VPF NORDEA KAPITAL NOR 321 576 1,2
MERTOUN CAPITAL AS NOR 300 000 1,2
OLE MOLAUG EIENDOM AS NOR 238 692 0,9
VERDIPAPIRFONDET EIKA ALPHA VPF NOR 208 100 0,8
DAHLE BJØRN NOR 196 300 0,8
VPF NORDEA AVKASTNING NOR 181 000 0,7
ROGALAND SJØ AS NOR 173 550 0,7
HAVBRUKSCONSULT AS NOR 166 000 0,6
SIX SIS AG CHE 130 000 0,5
MOLAUG OLE NOR 114 752 0,4
KLUGE GUNNAR NOR 110 579 0,4
STATOIL FORSIKRING A.S NOR 102 096 0,4
20 largest shareholders 22 453 880 86,9
Other shareholders 3 380 423 13,1
Total shares 25 834 303 100,0

An updated overview of the 20 largest shareholders is available on AKVA group's investor relations webpage, http://ir.akvagroup.com/investor-relations/theshare/largest-shareholders.

Statement from the Board and Chief Executive Officer

We confirm that, to the best of our knowledge, the condensed set of financial statements for the period January 1 st to March 31 st 2016, which have been prepared in accordance with IAS 34 Interim Financial Statements, gives a true and fair view of the Company's consolidated assets, liabilities, financial position and results of operations, and that the interim management report includes a fair review of the information required under the Norwegian Securities Trading Act section 5-6 fourth paragraph.

Bryne, May 10th , 2016 Board of Directors, AKVA group ASA

Main figures from financial accounts

INCOME STATEMENT 2016 2015 2016 2015 2015
(NOK 1 000) Q1 Q1 YTD YTD Total
OPERATING REVENUES 392 534 324 997 392 534 324 997 1 425 338
Operating costs ex depreciations 352 920 298 387 352 920 298 387 1 290 179
OPERATING PROFIT BEFORE DEPR.(EBITDA) 39 615 26 610 39 615 26 610 135 159
Depreciation 14 643 10 522 14 643 10 522 47 450
OPERATING PROFIT (EBIT) 24 972 16 087 24 972 16 087 87 709
Net interest expense -1 856 -1 309 -1 856 -1 309 -5 354
Other financial items -7 685 1 531 -7 685 1 531 -4 265
Net financial items -9 541 222 -9 541 222 -9 619
PROFIT BEFORE TAX
Taxes
15 431 16 310 15 431 16 310 78 090
NET PROFIT 2 847
12 584
4 902
11 407
2 847
12 584
4 902
11 407
19 690
58 400
Net profit (loss) attributable to:
Non-controlling interests 876 83 876 83 1 572
Equity holders of AKVA group ASA 11 708 11 324 11 708 11 324 56 828
Earnings per share equity holders of AKVA group ASA 0,45 0,44 0,45 0,44 2,20
Average number of shares outstanding (in 1 000) 25 834 25 834 25 834 25 834 25 834
BALANCE SHEET 2016 2015 2015
(NOK 1 000) 31.3. 31.3. 31.12.
Intangible fixed assets 360 222 273 803 360 789
Fixed assets 109 941 76 198 103 495
Long-term financial assets 9 731 1 943 8 165
FIXED ASSETS 479 894 351 944 472 449
Stock 180 201 183 448 180 677
Trade receivables 280 415 329 128 289 216
Other receivables 25 908 19 700 31 268
Cash and cash equivalents 150 702 57 429 109 517
CURRENT ASSETS 637 226 589 706 610 678
TOTAL ASSETS 1 117 120 941 649 1 083 127
Paid in capital 355 549 355 549 355 426
Retained equity 75 101 46 174 69 562
Equity attributable to equity holders of AKVA group ASA 430 650 401 724 424 988
Non-controlling interests 4 320 1 758 3 444
TOTAL EQUITY 434 970 403 482 428 432
Deferred tax 16 070 0 18 107
Other long term debt 22 472 3 035 15 495
Long-term interest bearing debt 191 562 126 013 188 375
LONG-TERM DEBT 230 104 129 048 221 977
Short-term interest bearing debt 29 652 13 833 57 258
Other current liabilities 422 394 395 287 375 459
SHORT-TERM DEBT 452 046 409 119 432 717
TOTAL EQUITY AND DEBT 1 117 120 941 649 1 083 127
CHANGES IN EQUITY 2016 2015 2016 2015 2015
(NOK 1 000) Q1 Q1 YTD YTD Total
Book equity before non-controlling interests at the beginning of the period 424 988 387 577 424 988 387 577 387 577
The period's net profit 12 458 11 324 12 458 11 324 56 828
Capital increase - - - - -
Non-controlling interests arising on a business combination - - - - -196
Buyback of ow n shares 4 155 - 4 155 - -4 173
Gains/(losses) on cash flow hedges (fair value) -1 999 -4 348 -1 999 -4 348 -5 046
Utbytte/Dividend - - - - -25 736
Change in pension liability recorded against equity - - - - -
Recording of option agreement - - - - -
Translation differences -8 204 7 171 -8 204 7 171 15 735
Equity before non-controlling interests 430 650 401 724 430 650 401 724 424 988
Non-controlling interests 4 320 1 758 4 320 1 758 3 444
Book equity at the end of the period 434 970 403 482 434 970 403 482 428 432

Q1 2016

CASH FLOW STATEMENT 2016 2015 2016 2015 2015
(NOK 1 000) Q1 Q1 YTD YTD Total
Net cash flow from operations 20 428 26 864 20 428 26 864 120 240
Net cash flow from change in w orking capital 64 003 -10 784 64 003 -10 784 -22 637
Net cash flow from operational activities 84 431 16 080 84 431 16 080 97 603
Net cash flow from investment activities -29 957 -10 343 -29 957 -10 343 -116 439
Net cash flow from financial activities -13 288 -2 243 -13 288 -2 243 74 419
Net change in cash and cash equivalents 41 186 3 494 41 186 3 494 55 582
Cash and cash equivalents at the beginning of the period 109 517 53 935 109 517 53 935 53 935
Cash and cash equivalents at the end of the period 150 702 57 429 150 702 57 429 109 517
BUSINESS SEGMENTS 2016 2015 2016 2015 2015
(NOK 1 000) Q1 Q1 YTD YTD Total
Cage based technologies
Nordic operating revenues 208 182 155 713 208 182 155 713 647 287
Americas operating revenues 31 070 63 794 31 070 63 794 231 542
Export operating revenues 37 314 39 403 37 314 39 403 192 098
TOTAL OPERATING REVENUES HARDWARE 276 567 258 911 276 567 258 911 1 070 927
Operating costs ex depreciations 248 289 235 958 248 289 235 958 976 102
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA) 28 278 22 953 28 278 22 953 94 824
Depreciation 9 930 7 668 9 930 7 668 33 254
OPERATING PROFIT (EBIT) 18 348 15 285 18 348 15 285 61 570
Software
Nordic operating revenues 32 478 25 481 32 478 25 481 108 061
Americas operating revenues 3 164 4 680 3 164 4 680 21 335
Export operating revenues 756 622 756 622 2 696
OPERATING REVENUES 36 399 30 782 36 399 30 782 132 092
Operating costs ex depreciations 30 045 26 462 30 045 26 462 106 092
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA) 6 354 4 321 6 354 4 321 25 999
Depreciation 2 797 2 313 2 797 2 313 10 331
OPERATING PROFIT (EBIT) 3 557 2 008 3 557 2 008 15 668
Land based technologies
Nordic operating revenues 78 684 34 468 78 684 34 468 214 658
Americas operating revenues 885 835 885 835 7 661
Export operating revenues - - - - -
OPERATING REVENUES 79 569 35 304 79 569 35 304 222 319
Operating costs ex depreciations 74 586 35 967 74 586 35 967 207 984
OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA) 4 983 -664 4 983 -664 14 335
Depreciation 1 916 541 1 916 541 3 865
OPERATING PROFIT (EBIT) 3 067 -1 205 3 067 -1 205 10 469

AKVA group ASA,

Nordlysvn.4 P.O. Box 271, N-4349 Bryne Norway

Tel +47 51 77 85 00. Fax +47 51 77 85 01.

www.akvagroup.com

Other AKVA group offices:

AKVA group, Oslo Tel (+47) 51 77 85 00
AKVA group, Trondheim Tel (+47) 73 84 28 00
AKVA group, Brønnøysund Tel (+47) 75 00 66 00
AKVA group, Sandstad Tel (+47) 72 44 11 00
AKVA group, Mo i Rana Tel (+47) 75 14 37 50
AKVA group, Tromsø Tel (+47) 75 00 66 50
Helgeland Plast, Mo i Rana Tel (+47) 75 14 37 50
Plastsveis, Sømna Tel (+47) 75 02 78 80
AKVA Marine Services, Torvastad Tel (+47) 47 27 04 54
Wise ehf, Reykjavik Tel (+354) 545 3200
Wise Blue, Ålesund Tel (+47) 930 03 470
Aquatec Solutions, Vejle Tel (+45) 75 88 02 22
AKVA group Denmark, Copenhagen Tel (+45) 755 13 211
AKVA group Denmark, Fredericia Tel (+45) 755 13 211
AKVA group Chile, Puerto Montt. Tel (+56) 65 250 250
AKVA group UK, Inverness. Tel (+44) 1463 221 444
AKVA group North America, Campbell River, Canada Tel (+1) 250 286 8802
AKVA group North America, Halifax, Canada Tel (+1) 902 482 2663
AKVA group Australia, Tasmania Tel (+61) 400 167 188
AKVA group Turkey, Bodrum Tel (+90) 252 374 6434