31 August 2022 - ABL Group's 2022 second quarter results

HIGHLIGHTS Q2 2022	

o	Revenues of USD 41.4 million (Q2 21: USD 38.3 million)
o	Operating profit of USD 3.9 million (Q2 21: USD 2.3 million)
o	Adjusted EBIT of USD 4.7 million (Q2 21: USD 2.8 million)
o	Net cash of USD 8.7 million (Q1 22: USD 10.4 million)
o	Sale of Adjusting business unit completed end of May
o	Acquisition of Add Energy completed post quarter end in July

Reuben Segal, CEO of ABL Group ASA ("ABL Group" or the "Company") commented:
"The second quarter of 2022 represents the highest revenues, EBIT and EBIT
margin in the company's history. In combination with what was a record breaking
first quarter, the first half of 2022 as a whole represents a step change in
activity for ABL Group. These results are testament to the relentless efforts of
our staff around the globe, and I am continuously impressed by the quality and
commitment delivered across our organisation every day.

Revenues grew 8% year-on-year, primarily driven by our renewables consultancy
OWC and specialist engineering consultancy Longitude, growing 25% and 35%
respectively compared to the same quarter last year. Profitability was solid
across most regions, enabling our all-time high operating margin in the quarter.

Our market outlook remains upbeat, as increased focus on energy security is
expected to lead to increased demand for our services across renewables and oil
and gas. This increased activity is likely to result in rate and cost inflation,
and we remain focused on staying ahead of the curve as the market develops.

Finally, we are excited by our acquisition of Add Energy just after the
conclusion of the quarter. The acquisition adds several strings to our bow,
notably with new service lines within asset integrity and well engineering,
management and servicing. It represents a significant strengthening of our
capabilities in the operating phase of renewables and oil and gas projects. The
addition of approximately 140 top quality staff is also key to provide capacity
to service the anticipated growth within all market segments."

A presentation of the quarterly results will be held today at 08:30 CET at
SpareBank 1 Markets' office at Olav Vs gate 5, 0161 Oslo. The event will be
webcasted live and available for replay shortly after. To watch the webcast,
please visit ABL Group's website, www.abl-group.com.

Katherine Phillips, Managing Director of OWC, will also hold a technical
presentation on opportunities and risks in the floating offshore wind market.
The presentation is expected to start at 09:30 CET and will be webcasted live on
the same feed as the quarterly presentation.

The quarterly report and a slide deck for the quarterly presentation is
available on www.newsweb.no and on ABL Group's website, www.abl-group.com.

ENDS

For further information, please contact:

Investors and financial media:
Dean Zuzic, CFO, ABL Group ASA
Telephone: +47 41 43 35 60

Other media enquiries:
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05 
Email: endre.johansen@corpcom.no

About ABL Group
ABL Group (OSE: ABL Group ASA - ticker code "ABL") offers independent energy and
marine consultancy to the global renewables, maritime and oil and gas sectors.
The group has offices in 38 countries worldwide. ABL Group operates under six
brands: ABL, OWC, Innosea, Longitude, Add Energy and ABL Yachts.