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Aqualis ASA: Q3 2016 financial results

Oslo, Norway - October 27, 2016

Key highlights
* Total operating revenue of USD 6.4 million, down 33% from Q3 2015
* Operating loss (EBIT) of USD 0.7 million with cost efficiency measures
continued to take effect throughout the quarter
* Low activity level due to adverse weather conditions, vacation months and
weak market conditions in the oil and gas market
* OWC maintained high activity in the offshore wind market and secured new
* Billing ratio for technical staff of 73% in Q3 2016, down from 75% in Q2
* Order backlog at USD 8.5 million
* ADLER Solar results impacted by lack of larger projects and introduction of
new services
* Cash balance of USD 11.1 million at the end of Q3 2016
* 161 employees at end of Q3 2016, down from 175 at end of Q2 2016
* Continued solid HSE performance and ISO 18001 compliant

David Wells, CEO of Aqualis ASA said:

"The oil and gas market remains weak and we must continue our path to improve
our operations and cost competitiveness. The measures implemented will
continue to take effect throughout 2016 and into 2017. The contract
visibility remains short term.

Being adaptive and having the ability to respond quickly to market changes is
the key to manage the business successfully. The remainder of 2016 and 2017
will be challenging for the oil and gas industry" says Mr David Wells, CEO of
Aqualis ASA"

For more information, please see the attached third quarter 2016 report.
Morning program:
A presentation is scheduled the same day at 8:00 am CET at Carnegie's office at Grundingen 2, 0250 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,, at least 10 minutes early to to download and install any necessary software.
The earnings release concerning the third quarter 2016 results and a corresponding slide presentation will be posted on and on Aqualis' web site
For further information, please contact:

Investors and financial media;
Kim Boman, CFO, Aqualis ASA
Telephone: +47 959 63 912

Other media enquiries:
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05,

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.

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

Q3 2016 presentation
Q3 2016 report


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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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