Q1 2018 financial results
KEY HIGHLIGHTS
- Revenues of USD 8.2 million in Q1 2018 vs. USD 7.6 million in Q1 2017
- Adjusted EBIT of USD 0.2 million in Q1 2018 vs USD 0.5 million in Q1 2017
- Operating profit (EBIT) of USD 0.2 million in Q1 2018 vs USD 0.2 million in Q1 2017
- Positive group development continues, but EBIT impacted by significant losses in Norway and end of several long term projects during Q4 2017
- Good billing ratio of 81% in Q1 2018
- Continued solid HSE performance and no lost time incidents (LTIs) during the quarter
- Robust financial position with cash balance of USD 9.8 million
- The oil & gas market remains challenging but with increasing signs of recovery
- Activity in offshore wind market still remains high and new contracts have been secured
- Order backlog decreased to USD 7.2 million with increasing pipeline of opportunities
David Wells, CEO of Aqualis ASA said:
“We are pleased that our positive momentum continues even after completion of several long-term projects at the end of 2017. Most of our entities have strengthened their market position and delivered positive results, except Norway in particular, where we have implemented additional profitability measures that are gradually phased in during Q2 2018. Looking ahead, we expect that our group operational performance in Q2 2018 will strengthen.
The activity in the offshore wind sector remains high, but with a competitive business environment. Growth opportunities are global and are likely to increase. Our focus is on capitalizing on these opportunities, leveraging our global office network and expanding our footprint. In addition, we are continuing to staff up our offshore wind operations in Europe.”
For more information, please see the attached first quarter 2018 report.
Morning program
A presentation is scheduled the same day at 8:00 am CET at Carnegie’s office at Kepler Cheuvreux / Swedbank’s office at Filipstad Brygge 1, 0120 Oslo.
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’ website, www.aqualis.no, at least 10 minutes early to download and install any necessary software.
The earnings release concerning the first quarter 2018 results and a corresponding slide presentation will be posted on www.newsweb.no and on Aqualis’ website 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 19 offices in 14 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.