May 28, 2020 – AqualisBraemar’s 2020 first quarter results

HIGHLIGHTS Q1 2020	

• Revenues of USD 19.8 million (Q4 2019: USD 18.8 million. Q1 2019: USD 17.4
million pro-forma combined, USD 
8.2 million Aqualis stand-alone)
• Revenue for renewables up 57% compared to Q1 2019
• Operating profit (EBIT) of USD 1.3 million (Q4 2019: USD 0.4 million. Q1 2019:
USD -0.2 million Aqualis stand-alone)
• Adjusted EBIT of USD 1.4 million, representing a 7% margin
• Quarterly improvement in most segments – Middle East and Europe particularly
positive
• Billing ratio of 75%, up from 69% in Q4 2019
• Backlog increased 37% driven by the floating offshore wind Erebus contract
• No significant group wide impact of COVID 19 to date
• Continued progress in realising cost synergies
• Robust financial position with cash balance of USD 10.1 million
• Dividend of NOK 0.2 per share upheld

David Wells, CEO of AqualisBraemar ASA (“AqualisBraemar” or the “Company”)
commented:
“We are happy to report growth and improved profitability in the first quarter,
especially considering the challenging business environment. Activity has been
high across most regions and business streams. The combination of Aqualis and
Braemar Technical Services has improved and broadened our service offering to
clients worldwide, and we are seeing increasing benefits in terms of
cross-selling.

First quarter revenues in our renewables business stream increased by 57%
relative to the first quarter of 2019, and we have won several key contracts in
the quarter. We are delighted to be trusted by Simply Blue Energy and Total to
support them as they move into floating wind with the Erebus project, a contract
which confirms our leading position in that market. In Thailand, we have been
contracted to support the construction of the world’s largest floating solar
hybrid power plant. Our ambition is for 50% of our revenues to come from
renewables and other ESG driven sources by 2025.

Relative to the fourth quarter we also saw a significant increase in offshore
activity, particularly in the Middle East and Europe.

The COVID-19 pandemic has caused immeasurable pain to people across the world,
and in these troubling times we are focused on maintaining the health and safety
of our employees, clients, and business partners. We have implemented strict
measures across our business to limit the spread of the virus, whilst making
every effort to maintain an uninterrupted level of service to our clients.
Through our extensive global network of staff and subcontractors, as well as
enhanced remote work capabilities and digital collaborations, we have been able
to uphold a high level of service and activity. We continue to monitor the
situation closely and remain agile in response to any business disruptions.

Given the strong business performance, the Board has proposed to uphold the
dividend of NOK 0.2 per share. Our shareholders supported us in connection with
the BTS transaction, and we are pleased to start paying back that trust.”

A pre-recorded audio webcast presentation of the first quarter 2020 results will
be released today at 14:00 CEST. To view the webcast, please visit
AqualisBraemar’s web site, www.aqualisbraemar.com. 
The slide deck for the presentation will be available on www.newsweb.no and on
AqualisBraemar's web site www.aqualisbraemar.com.

For further information, please contact:

Investors and financial media;
Kim Boman, CFO, AqualisBraemar ASA
Telephone: +47 959 63 912

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

About AqualisBraemar ASA
AqualisBraemar ASA (OSE: Aqua) is a public listed company that, through its
subsidiaries and associates, offers adjusting, marine, offshore and renewables
consultancy services to the energy, shipping, and insurance industries. The
group employs specialist engineers, naval architects, master mariners, loss
adjusters and technical consultants in 49 offices located across 5 continents in
32 countries. AqualisBraemar ASA operates under three distinct brands globally: 

• AqualisBraemar: a leading adjusting, marine and offshore consultancy to the
energy, shipping and insurance industries  
• AqualisBraemar Yacht Services: a specialised marine consultancy to the
superyacht market
• OWC: an independent technical advisor, engineering and project management
consultancy to the offshore renewables sector