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Dato/tid 27.10.2016 07:00
Utsteder Aqualis ASA
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Tittel Aqualis ASA: Q3 2016 financial results
Tekst


Oslo, Norway - October 27, 2016

Key highlights

  * Total operating revenue of USD 6.4 million, down 33% from Q3 2015
  * Operating loss (EBIT) of USD 0.7 million with cost efficiency measures
    continued to take effect throughout the quarter
  * Low activity level due to adverse weather conditions, vacation months and
    weak market conditions in the oil and gas market
  * OWC maintained high activity in the offshore wind market and secured new
    contracts
  * Billing ratio for technical staff of 73% in Q3 2016, down from 75% in Q2
    2016
  * Order backlog at USD 8.5 million
  * ADLER Solar results impacted by lack of larger projects and introduction of
    new services
  * Cash balance of USD 11.1 million at the end of Q3 2016
  * 161 employees at end of Q3 2016, down from 175 at end of Q2 2016
  * Continued solid HSE performance and ISO 18001 compliant


David Wells, CEO of Aqualis ASA said:

"The  oil and gas market  remains weak and we  must continue our path to improve
our  operations and cost competitiveness. The measures implemented will continue
to  take effect throughout  2016 and into 2017. The  contract visibility remains
short term.

Being  adaptive and having the  ability to respond quickly  to market changes is
the key to manage the business successfully. The remainder of 2016 and 2017 will
be challenging for the oil and gas industry" says Mr David Wells, CEO of Aqualis
ASA"


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

Morning program:
A presentation is scheduled the same day at 8:00 am CET at Carnegie's office at
Grundingen 2, 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 third 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 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.


 
    

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