Aqualis ASA
FIRST QUARTER RESULTS 2015
Oslo, 28 April 2015
aqualis.no
Disclaimer

This Presentation has been produced by Aqualis ASA (the “Company” or “Aqualis ”) solely for use at the presentation to investors and other stake holders and may not be
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this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its importance. However, no
representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions,
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
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
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MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS
PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT,
FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND
FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND
OTHER FACTORS.

SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY
FROM THOSE DESCRIBED IN THIS PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION
INCLUDED IN THIS PRESENTATION.

By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company
and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s business. This Presentation
does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in
such jurisdiction.
2
Q1 2015 - highlights
 Total revenues of USD 11.4m (USD 4.6m Q1 2014)
 EBIT of USD 0.6m (USD -0.5m Q1 2014)
 Profit after tax of USD 1.4m (USD -0.5m Q1 2014)
 Order back-log of USD 17.1m end Q1 2015 (USD 8.6m end Q1 2014)
 Net cash and cash equivalents of USD 20.5m at 31 March 2015
 The Company had 222 employees* as of end March 2015
 Continued investment in growth and regional expansion (3 new offices
under development)
 Multiple contract awards during the quarter across business lines –
growing portfolio of blue-chip clients
* Includes contractors on 100% utilization equivalent basis
3
Revenues – quarterly development
USDm
12,0
10,0
8,0
6,0
4,0
2,0
0,0
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Notes:
(1) Tristein AS included from May 2014; OWC Ltd from July 2014
(2) Effective March 2015, reimbursable expenses on projects are recognized in the P&L within revenue and direct costs respectively. For the Q1 amount totaling to USD 382k is recorded in revenue
and direct costs in the month of March 2015
Recruitment – quarterly development
Number of employees
250
2.1x
200
150
100
50
0
Q1 2013
Q2 2013
Q3 2013
Notes:
(1) Numbers include contractors on 100% utilization equivalent basis
(2) Tristein AS included from May 2014; OWC Ltd from July 2014
5
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q1 2015 – main new contract wins
• A 2-year call out contract from a major offshore contractor for the provision of
marine supervisory personnel during operations offshore Kingdom of Saudi Arabia
• MWS and consultancy services for project work offshore Tunisia
• Project management services to mining company in Indonesia for the replacement
of a subsea pipeline
• MWS services to logistics operator for the dry transportation of oil barges from
China to Nigeria
• Provision of offshore geotechnical representation to a major European power
utility company offshore UK
• Additional consultancy support to a significant German power utility company
• Engineering design work from our Norway office to an offshore contractor for a
new cable laying barge fitted with a turntable
• A basic engineering design contract for a new liftboat for an Asian Pacific based
client
6
Q1 2015 – main new contract wins (cont’d)
• Engineering design services from our Dubai office for a new jack up barge
• Project management supervision services contract to an international jack up rig
owner associated with the upgrade works on a jack up accommodation unit
• Marine Consultancy and MWS to a major operator for the transportation and rig
down / rig up of a modular platform rig from USA to offshore Mexico
• Site specific structural engineering assessments for deployment of jack up liftboats
offshore Arabian Gulf
• In Q1 call out contracts relating to:
• Jack up rig moving operations to a large Client portfolio of rig owners have
been strong offshore Middle East and India and showing business line growth
in Asia Pacific, Mexico and west Africa
• DP audits and inspections have been strong in Middle east and Asia Pacific
with new demand building in Caspian region
7
Global presence – covering all major oil regions
OSLO/SANDEFJORD
ABERDEEN
LONDON
HOUSTON
DAMMAM QATAR
DUBAI
MANAMA
MEXICO CITY
ABU DHABI
KUALA LUMPUR
SINGAPORE
RIO DE JANEIRO
Current locations
Under development
8
SHANGHAI
FINANCIAL HIGHLIGHTS
Q1 2015 – key figures
(USD '000)
2015
Q1
2014
Q1
2014
FY*
Total revenues and other income
11,4
4,6
33,3
Operating profit (EBIT)
0,6
-0,5
-2,1
Operating profit (EBIT) adjusted**
0,6
-0,5
-0,7
Profit after taxes
1,4
-0,5
-0,3
Profit after taxes adjusted**
1,4
-0,5
1,1
20,5
9,9
21,8
43 191
n/a
43 191
Cash & cash equivalents
Number of outstanding shares (thousands)
* due to change in accounting principles, travel costs are included both in revenues
and other operating cost. There is no change in EBIT compared to actual reported
in 2014.
** adjusted by one-off costs in Aqualis ASA of 1.4m in third quarter 2014, relating
to corporate restructuring and listing
10
Solid financial position (31.03.15)
100 %
90 %
Non-current
liabilities –
USD 0.0m
 No interest-bearing debt
Current
liabilities –
USD 8.1m
 84% equity ratio
Non-current
assets –
USD 19.8m
80 %
 Strong liquidity position:
 USD 20.5m in cash and cash
equivalents
70 %
60 %
Other
current
assets –
USD 11.1m
50 %
Equity –
USD 43.3m
40 %
30 %
Cash & cash
equiv. –
USD 20.5m
20 %
10 %
0%
1
2
Q1 2015 – cash flow
USDm
Q1 2015
Q4 2014
Operating cash flow
-0.9
0.6
Investing cash flow
-0.1
-0.2
Financing cash flow
-
-
Cash beg. of period
21.8
21.4
Net FX difference
-0.3
0.0
Change in cash & cash equiv.
-1.0
0.4
Cash end of period
20.5
21.8
 Operating cash flow in the
quarter was negative USD 0.9m

Mainly impacted by WC movements
 Investing cash flow of negative
USD 0.1m in the quarter - limited
capex (as expected)
 Financing cash flow of nil in Q1
2015
 Change in cash for the quarter of
negative USD 1.0m
12
OUTLOOK
Outlook – top-line growth & increased profitability
Market:

Recent oil price fall continues to create some investment uncertainty in high cost projects and deep-water
developments

Reduction of large scale new investment opportunities being identified  focus changing to day to day operational
support

Middle East, including India, and Asian Pacific markets still appear solid and likely to remain the drivers going forward

2015 main strategic focus will be on offshore operations and gaining market share from competitors
Micro:

Further expansion of global office network expected in Q2 2015 with opening of 3 new offices in Malaysia, Qatar and
UK to further expand offerings into those markets

Continued focus on maintaining organic growth through recruitment of quality experienced staff and developing
business line deliverables from existing offices

Aim to maintain momentum on marine operations, notably rig moving, in all markets

Upside potential for Mexican operations starting to be realized

Good opportunities identified in China and additional recruitment underway

Short term outlook in Brazil uncertain

Continued focus on working capital developments and credit status of clients
14
Aqualis ASA
APPENDIX
aqualis.no
Marine & engineering consultancy services
Aqualis ASA
(listed entity – OSE: AQUA)
Aqualis Offshore Ltd*
* Tristein AS merged with Aqualis Offshore AS, effective date 1 Jan 2015
16
Offshore Wind Consultants Ltd
Corporate structure
Aqualis ASA
100%
100%
100%
Aqualis Offshore
Ltd
Offshore Wind
Consultants Ltd
(London, UK)
(London, UK)
100%
Aqualis Offshore UK
Ltd
(London, UK)
100%
Aqualis Offshore
Serviçõs Ltda
(Rio de Janeiro,
Brazil)
Aqualis Offshore AS
(Sandefjord / Asker
/ Kristiansund,
Norway)
49%**
100%
Aqualis Offshore
Pte Ltd
Aqualis Offshore
Marine Services LLC
Aqualis Offshore
Inc
(Singapore)
(Dubai,UAE)
(Houston, USA)
100%
Aqualis
Dammam, KSA*
100%
Aqualis
Manama, Bahrain*
* In KSA / Bahrain, Aqualis operates through agency agreement with AET
**The company is 100% controlled by Aqualis Offshore
17
100%
49%**
Aqualis Offshore
Marine Consulting
LLC
(Abu Dhabi, UAE)
100%
Aqualis Offshore
Marine Consulting
Co., Ltd.
(Shanghai, China)
100%
Aqualis Offshore S.
de R.L. de C.V.
(Mexico City,
Mexico)
Complete life cycle involvement with offshore assets
Marine project / asset life cycle
Aqualis Offshore
services
Project initiation
Engineering /
design phase
Project
procurement
Construction
Hook-up and
commissioning
Asset
management
Decommissioning
Engineering (niche-focus):
Construction yard supervision:
Marine operations:
Inspection & approvals:
Basic / conceptual design / FEED
Site attendance on behalf of owners,
shipyards, financial institutions, 3rd
parties
Transport and installation services;
“moving of offshore assets”
Marine warranty services
Modifications and upgrades of
drilling rigs / FPSOs / FSOs / liftboats
Transportation & installation
analysis
New-builds + conversions & upgrades
Due diligence / compliancy; financial
community focus
Rig moving
Float-overs
Site attendance & procedure
management
Mooring analysis
Condition and suitability surveys /
audits
DP inspections and audits
Jack-up site assessments
Aqualis’ key competencies are conjointly exposed to both offshore opex and capex cycles
18
Offshore operations are key for all business lines
«Doing»
 Jack up engineering
(basic design, upgrade
and conversion)
 FPSO marine engineering
 Construction supervision
 Engineering design and
consultancy
 Key staff provision
Offshore operations
 Moving of rigs
 Technical Due diligence
 Offshore Construction
 DP FMEAs and audits
Projects
 Transportation &
installation
 Marine Warranty
Services (MWS)
 FPSO/MOPU engineering
and installation
 Towages
19
«Observing»
 Vessel inspections and
surveys
 Marine and engineering
approvals
 Site assessments
 Engineering reviews /
verifications
 Marine consultancy
Selected clients
20
NOCs / IOCs:
Offshore cont. / shipyards:
Rig / vessel owners:
Underwriters / financial inst.:
Selected clients

Vattenfall

East Anglia Offshore Wind

Gwynt y Mor Offshore Wind Limited

RWE Innogy GmbH

Galloper Offshore Wind Limited

Trianel GmbH

Dong Energy

Mainstream Renewable Power Limited

Navitus Bay Offshore Park

Iberdrola Renewables

ScottishPower

SNC Lavalin Capital
21
Top 20 shareholders (31.03.15)
NAME
STRATA MARINE & OFFSHORE AS
GROSS MANAGEMENT AS
AQUALIS HOLDCO LIMITED
ARCTIC FUNDS PLC
JP MORGAN CLEARING CORP.
FERNCLIFF LISTED DAI AS
QVT FUND V LP I
BINKLEY CAPITAL AS
AS FERNCLIFF
DIAB
T10 INVEST AS
AGITO HOLDING AS
VERDIPAPIRFONDET DNB SMB
SAXO BANK A/S
SIX SIS AG
LENOX
AMAN MARINE LIMITED
ALSTO CONSULTANCY LTD
BONNON
THEOFANATOS
VALHALL INVEST AS
OFFSHORE & MARINE CONSULTING AS
22
COUNTRY
HOLDING OF SHARES
NORWAY
5 450 973
NORWAY
2 844 391
UNITED KINGDOM
2 187 500
BELGIUM
1 761 972
UNITED STATES
1 678 768
NORWAY
1 340 963
BELGIUM
1 190 105
NORWAY
1 133 664
NORWAY
1 093 750
UNITED STATES
814 648
NORWAY
791 507
NORWAY
775 000
NORWAY
745 870
DENMARK
683 196
SWITZERLAND
669 544
SINGAPORE
653 929
UNITED ARAB EMIRATES
644 599
SEYCHELLES
598 122
UNITED KINGDOM
555 074
BRAZIL
512 188
NORWAY
501 408
NORWAY
500 094
27 127 265
% HELD
12,6 %
6,6 %
5,1 %
4,1 %
3,9 %
3,1 %
2,8 %
2,6 %
2,5 %
1,9 %
1,8 %
1,8 %
1,7 %
1,6 %
1,6 %
1,5 %
1,5 %
1,4 %
1,3 %
1,2 %
1,2 %
1,2 %
62,8 %
Ferncliff and associated
companies: approx.
25%
Management and
employees: approx.
23%
Consolidated statement of comprehensive income
23
Consolidated statement of financial position
24
Consolidated cash flow statement
25
Segment information
26