29 April 2022 - ABL Group's 2022 first quarter results

HIGHLIGHTS Q1 2022	

o	Record quarterly revenues, EBIT and operating cash flow
o	Revenues of USD 39.6 million (Q1 21: USD 36.7 million)
o	Operating profit of USD 2.8 million (Q1 21: USD 1.9 million)
o	Adjusted EBIT of USD 3.4 million (Q1 21: USD 2.4 million)
o	Net cash of USD 10.4 million (Q4 21: USD 8.2 million)
o	Semi-annual dividend of NOK 0.3 per share proposed

Reuben Segal, CEO of AqualisBraemar LOC ASA ("AqualisBraemar LOC", "ABL Group"
or the "Company") commented: 
"For the first quarter, we are pleased to report our highest quarterly revenue,
operating profit and operating cash flow to date. We are seeing high and
increasing activity across all our market sectors, resulting in improved staff
utilisation and pricing power. 

Revenues grew 8% year-on-year, primarily driven by continued high growth in our
renewables consultancy OWC, which grew 56% compared to the same quarter last
year. Investments made in recruitment, new business areas and high bid
submission activity through 2021 are starting to pay off, enabling high activity
in what is normally a seasonally weaker quarter for renewables. 

These results represent the highest operating margin in a first quarter in the
Company's history. While Middle East and Asia Pacific remain our strongest
performers in terms of profitability, we see improvements across all segments
relative to last quarter. Synergies from the LOC acquisition, of which we have
now realised USD 3.4 million of our USD 4.0 million target on a run rate basis,
have contributed to the margin increase and we expect the remainder of these
synergies to be realised during 2022.

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."

A presentation of the quarterly results will be held today at 08:15 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.

The 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, AqualisBraemar LOC 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: AqualisBraemar LOC ASA - ticker code "AQUA") offers independent
energy and marine consultancy to the global renewables, maritime and oil and gas
sectors. The group has offices in 39 countries worldwide. ABL Group operates
under seven brands: ABL, OWC, Innosea, Longitude, JLA, East Point Geo and ABL
Yachts.