HIGHLIGHTS Q2 2019

- Announcement and closure of the acquisition of the majority Braemar Technical
Services (“BTS”) and creation of united brand AqualisBraemar
- On 30 June 2019, BTS was consolidated in AqualisBraemar accounts 
- Revenues of USD 9.9 million in Q2 2019 vs USD 9.6 million in Q2 2018 (Aqualis
stand alone)
- Operating loss (EBIT) of USD 0.3 million in Q2 2019 vs USD 1.0 million in Q2
2018 (Aqualis stand alone)
- Adjusted EBIT of USD 0.5 million in Q2 2019 vs USD 0.7 million in Q2 2018
(Aqualis stand alone)
- Billing ratio of 85% in Q2 2019 (Aqualis stand alone)
- Continued solid HSE performance and no lost time incidents (LTIs) during the
quarter  
- Robust financial position with cash balance of USD 7.8 million on 30 June 2019
(AqualisBraemar)
- Offshore renewable business continues strong growth with 117% increase in
revenues from Q2 2018
- Order backlog increased to USD 10.7 million (Aqualis stand alone)

“Q2 2019 has been dominated by the announcement and closure of the acquisition
of the majority of Braemar Technical Services. We are very excited as the
combination creates a strong platform for developing the combined group and
increasing shareholder value. The transaction is also a step forward to
consolidate our industry.

Our clients will benefit from access to new capabilities, broader suite of
services, larger workforce and increased geographical footprint to enable even
quicker operational support at or in close proximity to our clients’ offices and
assets. Our ambition is to meet the increasing expectations of our industry
globally and to be recognized as the ’go to’ consultant of the shipping and
energy markets.

Although a competitor, the fit between the two companies is compelling with
marginal overlap and very limited direct competition. We have exciting business
opportunities ahead with an expanded combined network of 48 offices in 33
countries, an enhanced serviced offering and large pool of talented staff.

It is particularly pleasing that the announcement has been well received by our
clients and the market in general which gives us a great foundation from which
to build. Our current focus is on bringing the two companies together and
realizing synergies from the combination

Our renewables arm, OWC, has performed very strongly in an increasingly robust,
though competitive, market.  Growth opportunities continue to manifest
themselves and some good new contract wins have been landed in the consultancy
market.

Our performance in the oil and gas market, which continues to gradually
stabilize and give indications of improvement, have been a little weaker than we
expected driven mainly by marine operations, and new contract awards in general,
being delayed for various reasons.

The integration with BTS is proceeding according to plan. We are maintaining a
strong focus on serving our clients and expanding our business during the
integration phase. We have raised our cost synergy target from USD 1.1 million
to USD 2.0 million. The rights issue carried out after the quarter was well
received and oversubscribed. 

We are excited about the opportunities that lies ahead as a combined company
with increasing demand from cyclical recovery in the oil & gas market and the
continued expansion of the offshore renewables market. We are well positioned to
meet these demands with AqualisBraemar’s strong service offering” says Mr. David
Wells, CEO of AqualisBraemar ASA.
 

A presentation of the second quarter 2019 results and an extended management
presentation is scheduled the same day at 11:00 am 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 over the internet,
please visit AqualisBraemar’ web site, www.aqualisbraemar.com, at least 10
minutes early to register and to download and install any necessary software.
 
The earnings release concerning the second quarter 2019 results, a corresponding
slide presentation and a extended management presentation will be posted on
www.newsweb.no and on AqualisBraemar' web site www.aqualisbraemar.com.

For further information, please contact:

Investors and financial media;
Kim Boman, CFO, AqualisBraemar ASA
Telephone: +47 959 63 912
Email: kim.boman@aqualisbraemar.com

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 48 offices located across 5 continents in 33
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 consultant to the
superyacht market
- Offshore Wind Consultants: an independent consultancy to the offshore
renewables se