Q4 2021 financial results | MarketScreener

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25 February 2022 - AqualisBraemar LOC's 2021 fourth quarter results

HIGHLIGHTS Q4 2021	

o	Revenues of USD 37.8 million (Q4 20: USD 19.6 million)
o	Operating profit of USD 1.9 million (Q4 20: USD -0.4 million)
o	Adjusted EBIT of USD 2.5 million (Q4 20: USD 1.0 million)
o	Cash balance of USD 19.8 million (Q3 21: USD 23.2 million)
o	Interest bearing bank debt of USD 11.7 million (Q3 21: 12.5 million)
o	Cost synergy target of USD 4.0 million from LOC acquisition maintained
o	Semi-annual dividend of NOK 0.3 per share proposed

HIGHLIGHTS FULL YEAR 2021	

o	Revenue of USD 150.7 million (2020: USD 77.0 million)
o	Operating profit of USD 7.4 million (2020: USD 2.9 million)
o	Adjusted EBIT of USD 9.6 million (2020: USD 4.8 million)
o	Strong revenue growth in renewables bringing renewables share of revenues to
27%
o	Total dividend of NOK 0.5 per share paid during 2021
o	Completed integration of LOC Group and multiple strategic add-on acquisitions

Reuben Segal, CEO of AqualisBraemar LOC ASA ("AqualisBraemar LOC", "ABL" or the
"Company") commented: 
"2021 has been an eventful year for the Company. The acquisition of LOC Group,
completed just before the start of the year, meant we doubled in size for the
second time in less than two years. I am impressed and proud of the way our
employees from both groups have welcomed their new colleagues, and how
seamlessly the two organisations have gelled together. The integration of two
equally strong organisations across 39 countries will always be a challenging
task, and it was certainly not made easier by the travel restrictions in place
for most of the year. I want to direct a heartfelt thanks to our employees for
their dedication and efforts in dealing with the integration and other
challenges caused by the pandemic. As omicron-related restrictions are now
lifting in many of our operating areas, we look forward to seeing our colleagues
more in person in the year to come, while taking advantage the improved
efficiencies and learning points from the last two unprecedented years.

In addition to the LOC transaction, we carried out three other acquisitions
during the year: East Point Geo, a geoscience consultancy delivering services
primarily to renewables, OSD-IMT, a ship design consultancy with more than 150
designs launched to date, and finally the remaining shareholding in Innosea, our
renewables engineering, design and R&D consultancy. These additions have
strengthened ABL's capabilities in key strategic areas, supporting further
growth within renewables and engineering specifically.

In 2020 we set a group wide target of 50% renewables and sustainability-oriented
services in our business mix by 2025. This was an ambitious target, but with 53%
revenue growth in renewables during 2021, we are well on our way there:
Renewables now make up 27% of our total group revenues. We also opened three new
renewables hubs during the year, in Ireland, France and Brazil, and started
three new renewables business areas with key senior hires within onshore wind,
battery storage and hydrogen. While these growth investments and higher than
normal bid submission activity lowered margins in our renewables business during
the fourth quarter, we are already seeing the benefit and expect them to support
continued high growth in 2022.

Within oil & gas and maritime, we are now seeing green shoots after another year
of curtailed activity amid pandemic restrictions and limited investment budgets.
While rig activity and brownfield activities have been stronger since the
summer, we are now seeing signs of more greenfield investments, and we expect
this to drive significant order intake in 2022. Given the capex investments and
sanctioning activity now signalled by oil companies, and the reduced capacity in
the market after years of low investments, we expect rates in this market to
increase in the coming years. 

Finally, we are happy to announce that the Board has proposed another dividend
increase to NOK 0.3 per share, as part of our semi-annual dividend schedule. Our
shareholders have repeatedly supported us in connection with the major
acquisitions over the last few years, and we remain focused on repaying that
trust by returning capital to shareholders."

A presentation of the quarterly results will be held today at 08:45 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,
please visit ABL's web site, www.abl-group.com.

The quarterly report and a corresponding slide presentation is available on
www.newsweb.no and on ABL's web site, www.abl-group.com.

ENDS

For further information, please contact:

Investors and financial media;
Dean Zuzic, CFO, AqualisBraemar LOC ASA
Telephone: +47 41 43 35 60

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

About AqualisBraemar LOC ASA
AqualisBraemar LOC ASA (OSE: AQUA) offers independent marine, engineering and
adjusting consultancy to the global renewables, maritime, and oil and gas
sectors. The group has offices in 39 countries worldwide. AqualisBraemar LOC ASA
operates under seven brands: AqualisBraemar LOC, OWC, East Point Geo, Innosea,
Longitude, JLA and ABL Yacht Services.

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© Oslo Bors ASA, source Oslo Stock Exchange

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