Oslo, Norway - February 17, 2017
* 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
* 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
* 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
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
For more information, please see the attached fourth quarter 2016 report.
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
Other media enquiries:
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05,
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.