Aqualis ASA Announce Third quarter results 2014
Marine and offshore engineering consultancy group Aqualis ASA (Aqualis) reported revenues of USD 10.7 million in the third quarter 2014. Adjusted EBIT was USD 0.3 million. Order backlog stood at USD 22 million at the end of the third quarter.
“We continue our geographical expansion as well as growth in revenues and consultants. We signed important contracts and frame agreements during the quarter, and were successfully listed as a fully-fledged marine and offshore engineering group. Our order book also developed positively. In sum, it has been a solid and eventful quarter,” says David Wells, CEO of Aqualis ASA.
Operating revenues were USD 10.7 million in the third quarter of 2014. Adjusted earnings before interest and tax (EBIT) was USD 0.3 million. EBIT was negative at USD 1.1 million after USD 1.4 million in one-off costs related to corporate restructuring and listing on the Oslo stock exchange. Operating cash flow, adjusted for one-off items, was positive at USD 0.2million. As of 30 September 2014, the group had cash and cash equivalents of USD 21.4 million and no interest-bearing debt.
A key milestone in the third quarter was the signing of a contract with Saudi Aramco, the world’s largest energy company, for rig moving services in the Arabian Gulf.
At the end of the third quarter, Aqualis’ order backlog from fixed contracts was USD 22 million – an increase of 16 percent from the previous quarter. More than 50 percent of this work is scheduled for completion from 2015 and onwards.
“We have a healthy work backlog and we foresee continued strong activity levels in all market segments going forward. As a result, we expect continued growth in Q4 and throughout 2015,” says David Wells.
Source: Aqualis ASA