2017 Q4 financial results
Oslo, Norway – February 27, 2018
Key highlights
- Revenues of USD 8.9 million in Q4 2017 vs. USD 6.2 million in Q4 2016
- EBITDA of USD 0.7 million in Q4 2017 vs loss of USD 0.3 million in Q4 2016
- Adjusted EBIT of USD 0.6 million in Q4 2017 vs loss of USD 0.3 million in Q4 2016
- Impairment of goodwill and investment in associates of USD 6.9 million in Q4 2017
- Operating loss (EBIT) of USD 6.4 million in Q4 2017 vs loss of USD 1.0 million in Q4 2016
- Strong operational performance with billing ratio of 86 % in Q4 2017
- Continued solid HSE performance and no lost time incidents (LTIs) during the quarter
- Robust financial position with cash balance of USD 9.7 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
- ADLER Solar’s financial position is challenging and the economic outlook is uncertain
- Entry into rig inspection market using team of dedicated specialists
- Order backlog increased moderately to USD 8.9 million
David Wells, CEO of Aqualis ASA said:
“I am pleased that we, in challenging market conditions in the oil and gas sector, have turned around the business and achieved strong underlying results throughout 2017. Most of our entities have delivered robust results underpinned by strong operational performance and some solid new wins.
Our activity in the offshore wind sector remains very positive, given the highly competitive business environment in this sector. We have strengthened our market position and were able to take the first steps of expansion into North American operations.
The development in ADLER Solar has disappointed. The increased bidding activity experienced over the past couple of quarters have failed to materialize in sales as expected and losses have continued. The strategic initiatives and cost measures have not offset the fall in the activity level. Management’s and owners expectations have not been met and the economic outlook is challenging and uncertain.
Our view is that the upcycle has started, but it is likely to take some time for this to properly manifest itself through to increased activity in all regions/markets” says Mr. David Wells, CEO of Aqualis ASA.”
For more information, please see the attached fourth quarter 2017 report.
Morning program:
A presentation is scheduled the same day at 8:00 am CET at Carnegie’s office at Fjordalleen 16, 0250 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 fourth 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.