2017 Q3 financial results
Oslo, Norway – October 26, 2017
Key highlights
- Revenues of USD 7.3 million in Q3 2017 vs. USD 6.4 million Q3 2016
- High activity level maintained in a traditionally weak quarter
- Operating profit (EBIT) of USD 0.1 million in Q3 2017 vs. loss of USD 0.7 million in Q3 2016
- Billing ratio for technical staff of 83% in Q3 2017, on same level as in Q2 2017
- Improved cash balance of USD 9.8 million at the end of Q3 2017
- Order backlog of USD 8.5 million at the end of Q3 2017 vs USD 10.3 million at the end of Q2 2017
- Activity in offshore wind market still remains high and new contracts have been secured
- ADLER Solar increasing the bidding activity, but sales taking longer time to close
- Continued solid HSE performance and no lost time incidents (LTIs) during the quarter
David Wells, CEO of Aqualis ASA said:
“I am pleased that we, in challenging market conditions in the oil and gas sector, have achieved three consecutive quarters of positive operating profit. Most of our entities have delivered robust results underpinned by strong operational performance and important client wins.
The offshore wind sector remains active and highly competitive. We continue to leverage our growing reputation to strengthen our market position. We have managed to widen our global operations and won recently our first contract in the US market.
ADLER Solar has increased the bidding activity over the past months, but sales have taken longer time to close as the company is focusing on larger projects with longer lead times. The results are expected to improve in Q4 2017 and additional profitability measures have been and are being implemented to improve profitability.
There are indications that the oil and gas market may have bottomed out, but we still expect market conditions to remain challenging in 2017 and 2018. We have set up a good platform from which to rebuild, strengthen our business model and deliver excellent service to our customers” says Mr. David Wells, CEO of Aqualis ASA.”
For more information, please see the attached third quarter 2017 report.
Morning program:
A presentation is scheduled the same day at 8:00 am CET at Kepler Cheuvreux / Swedbank’s office at Filipstad Brygge 1, 0120 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 download and install any necessary software.
The earnings release concerning the third quarter 2017 results and a corresponding slide presentation will be posted on www.newsweb.no and on Aqualis’ web site www.aqualisbraemar.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: AqualisBraemar, Offshore Wind Consultants and ADLER Solar. AqualisBraemar 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.