Aqualis ASA: Q4 2016 financial results Oslo, No
Post# of 301275
Oslo, Norway - February 17, 2017
Key highlights
- Revenues of USD 6.2 million in Q4 2016, down 29% from Q4 2015
- Operating loss (EBIT) of USD 1.0 million and adjusted operating loss of USD 0.5 million
- Results impacted by goodwill impairments, downsizing related costs and weak market conditions in the oil and gas market
- Billing ratio for technical staff of 76 % in Q4 2016, up from 73% in Q3 2016
- Cost efficiency measures took effect throughout the quarter, but still behind the "curve"
- Offshore wind market is strong and new contracts have been secured
- Weak results for ADLER Solar as phase in of cost measures and new services continues
- Order backlog at USD 6.7 million
- Pipeline and bidding activity increasing over the past months
- Cash balance of USD 9.9 million at the end of Q4 2016
- Continued solid HSE performance and no lost time incidents (LTIs) during the quarter
David Wells, CEO of Aqualis ASA said:
"Whilst the oil and gas market remains weak, we have seen signs of increased tender activity and there are indications that we have either reached or are near the bottom of this recession. Contract visibility remains short term forcing us to take further cost and operational measures to ensure profitability. These will continue to be phased in throughout H1 2017.
We expect 2017 to remain challenging for the oil and gas industry and we need to remain alert and adapting quickly to the opportunities that the market presents to us."
For more information, please see the attached fourth quarter 2016 report.
Morning program: A presentation is scheduled the same day at 8:00 am CET at Swedbank's office at Filipstad Brygge 1, 0252 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, www.aqualis.no, at least 10 minutes early to to download and install any necessary software.
The earnings release concerning the fourth quarter 2016 results and a corresponding slide presentation will be posted on www.newsweb.no and on Aqualis' web site www.aqualisoffshore.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: 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.
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