Aqualis ASA: Q1 2016 financial results

Oslo, Norway - April 26, 2016:

• Revenues of USD 6.9 million in Q1 2016 vs USD 11.4 million in Q1 2015
• Operating loss (EBIT) of USD 1.5 million in Q1 2016 vs EBIT of USD 0.5 million in Q1 2015
• The results have been hurt by weaker than expected market conditions in the oil and gas market and a consequently too low billing ratio. The trading conditions improved in March
• Capacity and cost adjustments continue to take effect and being implemented across the group
• Increased market push to secure new contracts/new clients with some good results
• Strengthened market position within offshore wind market with 6 month outlook
• Seasonal slowdown for ADLER Solar in the winter months but with positive 2016 outlook
• Order back-log of USD 10.5 million vs USD 17.1 million a year earlier
• Closing cash balance of USD 13.2 million vs USD 14.9 million a quarter earlier
• Continued solid HSE performance, no lost time incidents during the quarter
• 193 employees1 vs 220 a quarter earlier

David Wells, CEO of Aqualis ASA said:

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.