February 27, 2020 – AqualisBraemar’s 2019 fourth quarter results

HIGHLIGHTS Q4 2019	

•Revenues of USD 18.8 million (Q3 2019: USD 18.0 million. Q4 2018: USD 19.6
million pro-forma combined, USD 9.8 million Aqualis stand-alone)
•Operating profit (EBIT) of USD 0.4 million (Q3 2019: USD -0.2 million. Q4 2018:
USD 0.9 million Aqualis stand-alone)
•Billing ratio of 69%
•Quarterly improvement driven primarily by offshore activity in Middle East and
Americas
•Integration progressing on track – cost synergy estimate of USD 2.5 million
maintained
•Robust financial position with cash balance of USD 10.9 million
•Proposed dividend of NOK 0.2 per share, moving to semi-annual schedule 

HIGHLIGHTS FULL YEAR 2019	

•Fulfilled long term strategic goal to expand into insurance services through
transformative acquisition of Braemar Technical Services (BTS), creating
AqualisBraemar
•Pro-forma combined revenue of USD 73.4 million (2018: USD 76.0 million
pro-forma combined, USD 36.2 million 2018 Aqualis stand-alone)
•Pro-forma combined adjusted EBIT of USD 0.7 million (2018: USD 1.2 million
pro-forma combined)
•Weak start of 2019, but positive trend towards second half
•Continued strong growth in renewables – organic revenue growth of 46%
year-on-year

David Wells, CEO of AqualisBraemar ASA (“AqualisBraemar” or the “Company”)
commented:

“2019 was an important and transformative year for AqualisBraemar. The
acquisition of Braemar Technical Services roughly doubled the size of the
company and improved our offering to our clients, who now benefit from a broader
suite of services and increased geographical footprint. The transaction was also
an important step forward to consolidate our industry. The integration is on
track and progressing well quarter by quarter.

OWC, our renewables arm, had a strong year delivering annual organic revenue
growth of 46%. We continue to see increasing demand for OWC’s expertise and
anticipate continued high growth in 2020, albeit at a lower rate than 2019.
 
In the fourth quarter, we saw improvements across most segments. Middle East and
Americas delivered the highest sequential growth in revenue and EBIT, primarily
driven by increased offshore activity.

The year has started positively across our businesses, but tail risk has
increased due to COVID-19 and potential impact on economic activity. Activity in
China will be significantly affected in the first half of the year.

Finally, we are happy to announce that the Board has proposed resuming dividend
payments on a new semi-annual schedule. Our shareholders supported the Company
in connection with the BTS transaction, and we are pleased to start paying back
that trust.”

A presentation of the fourth quarter 2019 results is scheduled today at 08:00 am
CET at Danske Bank, Bryggetorget 4, Oslo. The event will be webcasted live and
available for replay shortly after. To watch the webcast over the internet,
please visit AqualisBraemar’s web site, www.aqualisbraemar.com, at least 10
minutes early to register and to download and install any necessary software.

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 48 offices located across 5 continents in 31
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 sector