Oslo, Norway - April 26, 2016:
Key highlights
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Revenues of USD 6.9 million in Q1 2016 vs USD 11.4 million in Q1 2015
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Operating loss (EBIT) of USD 1.5 million in Q1 2016 vs EBIT of USD 0.5 million in Q1 2015
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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
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Capacity and cost adjustments continue to take effect and being implemented across the group
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Increased market push to secure new contracts/new clients with some good results
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Strengthened market position within offshore wind market with 6 month outlook
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Seasonal slowdown for ADLER Solar in the winter months but with positive 2016 outlook
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Order back-log of USD 10.5 million vs USD 17.1 million a year earlier
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Closing cash balance of USD 13.2 million vs USD 14.9 million a quarter earlier
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Continued solid HSE performance, no lost time incidents during the quarter
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193 employees1 vs 220 a quarter earlier
David Wells, CEO of Aqualis ASA said:
"The O&G market started the year slower and weaker than we expected, particularly in January and February, but we have been encouraged by the recent numbers of small consultancy opportunities that we are identifying and winning in this tight market.
Being adaptive and having the ability to respond quickly to market changes is the key going forwards given that opportunities are becoming increasingly competitive. Year 2016 is going to be challenging for the whole industry but there are some exciting opportunities. By contrast the markets for offshore renewables and solar have started the year firmly justifying our decision not to rely on a single market" For more information, please see the attached first 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, www.aqualis.no, at least 10 minutes early to to download and install any necessary software. The earnings release concerning the first quarter 2016 results and a corresponding slide presentation will be posted on www.newsweb.no and on Aqualis` web site www.aqualis.no.
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.