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2014-04-29

Aqualis ASA : First quarter results 2014

Oslo, Norway, 29 April 2014

Aqualis ASA (OSE: AQUA) reported revenues of USD 4.5 million in the first
quarter 2014, compared to 0.1 million in the same quarter in 2013. Earnings
before interest and tax (EBIT) were negative at USD -0.9 million. The company
continues its rapid expansion within the offshore sectors.

"Number of people employed by Aqualis Offshore has grown by 35 percent to 105
during the first quarter. We are still building up the company to reach
critical mass and an international presence that allows us to support our
customer in all relevant offshore markets internationally," says Gunnar
Manum, acting CEO of Aqualis ASA.

During the quarter, Aqualis Offshore established new offices in Abu Dhabi and
Bahrain, and a subsidiary in China. The company also announced the
acquisition of Tristein AS, a provider of marine operations for the offshore
oil, gas and wind industries. The transaction will be closed on 29 April.
Tristein's headquarter is in Asker, Norway, with further offices in
Kristiansund and Stavanger. Just twelve months after starting operations,
Aqualis Offshore has established 10 offices in nine countries worldwide.

Aqualis ASA's consolidated operating income for the fourth quarter 2014 was
USD 4.5 million (Q1 2013: USD 0.1 million). EBIT was negative at USD -0.9
million (-13.4 million). The order backlog stood at USD 8.6 million at the
end of the quarter. Net cash flow was positive at USD 7 million (-10
million), following proceeds of approximately USD 8.4 million from a
successful private placement and subsequent placement.

"Our balance sheet is healthy with no interest bearing debt and cash and cash
equivalents of USD 22.4 million. Our shareholders can expect us to continue
investing in organic and structural growth initiatives," adds Gunnar Manum.

Aqualis is continuing to evaluate strategic options and investment
opportunities for Aqualis Healthcare.

Please find enclosed the financial report and presentation for the first
quarter 2014.

****

For further information, please contact:

Gunnar Manum
Acting CEO
+47 24 11 09 71 / +47 95 17 91 90
gunnar.manum@aqualis.no

Christian Opsahl
CFO
+47 901 10 153
christian.opsahl@aqualis.no

Aqualis ASA
is a Norwegian public company focusing on building a profitable and successful
business based on its key competences within the marine and offshore and
healthcare sectors.

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. Its
core services includes concept, FEED and basic design engineering for
upgrades and conversion of jack-ups, FPSOs and rigs, marine warranty
services, transportation and installation, rig moving, dynamic positioning,
construction supervision and due diligence services. The company is currently
operating out of 14 offices worldwide.

Aqualis Healthcare
is focusing on securing potential value from its patent portfolio and
licensing agreements generated by the former Clavis Pharma ASA, as well as
investigating new investment opportunities within the healthcare sector.
Aqualis Healthcare has a large portfolio of patents relating to its
LVT-technology, as well as licensing agreements for the potential development
of selected drug compounds.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Aqualis Q1 2014 Report
http://hugin.info/136972/R/1780716/608926.pdf
Aqualis Q1 2014 Presentation
http://hugin.info/136972/R/1780716/608928.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Aqualis ASA via Globenewswire

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