Aqualis ASA : First quarter results 2014

Oslo, Norway, 29 April 2014

Aqualis ASA (OSE: AQUA) reported revenues of USD 4.5 million in the first quarter 2014, compared to 0.1 million in the same quarter in 2013. Earnings before interest and tax (EBIT) were negative at USD -0.9 million. The company continues its rapid expansion within the offshore sectors.

"Number of people employed by Aqualis Offshore has grown by 35 percent to 105 during the first quarter. We are still building up the company to reach critical mass and an international presence that allows us to support our customer in all relevant offshore markets internationally," says Gunnar Manum, acting CEO of Aqualis ASA.

During the quarter, Aqualis Offshore established new offices in Abu Dhabi and Bahrain, and a subsidiary in China. The company also announced the acquisition of Tristein AS, a provider of marine operations for the offshore oil, gas and wind industries. The transaction will be closed on 29 April. Tristein's headquarter is in Asker, Norway, with further offices in Kristiansund and Stavanger. Just twelve months after starting operations, Aqualis Offshore has established 10 offices in nine countries worldwide.

Aqualis ASA's consolidated operating income for the fourth quarter 2014 was USD 4.5 million (Q1 2013: USD 0.1 million). EBIT was negative at USD -0.9 million (-13.4 million).  The order backlog stood at USD 8.6 million at the end of the quarter. Net cash flow was positive at USD 7 million (-10 million), following proceeds of approximately USD 8.4 million from a successful private placement and subsequent placement.

"Our balance sheet is healthy with no interest bearing debt and cash and cash equivalents of USD 22.4 million. Our shareholders can expect us to continue investing in organic and structural growth initiatives," adds Gunnar Manum.

Aqualis is continuing to evaluate strategic options and investment opportunities for Aqualis Healthcare.

Please find enclosed the financial report and presentation for the first quarter 2014.

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For further information, please contact:

Gunnar Manum
Acting CEO
+47 24 11 09 71 / +47 95 17 91 90
gunnar.manum@aqualis.no

Christian Opsahl
CFO
+47 901 10 153
christian.opsahl@aqualis.no

Aqualis ASA is a Norwegian public company focusing on building a profitable and successful business based on its key competences within the marine and offshore and healthcare sectors.

Aqualis Offshore is a specialized offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Its core services includes concept, FEED and basic design engineering for upgrades and conversion of jack-ups, FPSOs and rigs, marine warranty services, transportation and installation, rig moving, dynamic positioning, construction supervision and due diligence services. The company is currently operating out of 14 offices worldwide.

Aqualis Healthcare is focusing on securing potential value from its patent portfolio and licensing agreements generated by the former Clavis Pharma ASA, as well as investigating new investment opportunities within the healthcare sector. Aqualis Healthcare has a large portfolio of patents relating to its LVT-technology, as well as licensing agreements for the potential development of selected drug compounds.