Q4 2020 financial results

AqualisBraemar LOC’s 2020 fourth quarter results


  • Revenues of USD 19.6 million (Q4 19: USD 18.8m million)
  • Operating loss of USD -0.4 million (Q4 19: USD 0.4 million) impacted by USD 1.3 million in transaction costs
  • Adjusted EBIT of USD 1.0 million (Q4 19: USD 0.5 million)
  • Continued strong revenue growth in renewables segment (+47% vs Q4 19)
  • Cash balance of USD 30.6 million (Q3 20: USD 14.1 million)
  • Interest-bearing bank debt of USD 15.1 million (Q3 20: nil)
  • Operating cash flow of USD 2.7 million (Q4 19: USD 0.5 million)
  • Proposed dividend of NOK 0.25 per share in 1H 2021


  • Revenue of USD 77.0 million (2019: USD 54.8 million)
  • Operating profit of USD 2.9 million (2019: USD -0.3 million)
  • Adjusted EBIT of USD 4.8 million (2019: USD 1.3 million)
  • Cashflow from operating activities of USD 8.5 million (2019: USD -2.7 million)
  • Continued strong growth in renewables segment – organic revenue growth of 59% year-on-year
  • Total dividend of NOK 0.4 per share paid during 2020, corresponding to USD 3.0 million
  • Completed acquisition of LOC Group in December
    • Part of long-term plan to consolidate the offshore energy and marine consulting space
    • Increased renewables footprint and reaffirmed commitment to energy transition
    • Estimated USD 3.5m annual cost synergies
    • Positive feedback from staff, clients and the markets

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

“2020 was another transformative year for AqualisBraemar LOC. Following on from the acquisition of BTS, the acquisition of LOC roughly doubled the size of our company for the second year running. We are encouraged by the progress of early integration efforts and expect to see significant cost synergies realized already this year.

In early 2020 we set a group wide target of 50% renewables and sustainability-oriented services in our business mix in 2025. This was and is an ambitious target, but we are well on our way there. Firstly, OWC, our renewables arm, had another impressive year delivering annual organic revenue growth of 59% – even higher than 2019’s record growth. Second, the acquisition of LOC doubled the size of our renewables business, and significantly strengthened and broadened our client offering across a range of technologies and services. Finally, after quarter end, we announced and completed the acquisition of East Point Geo, strengthening our geoscience offering towards the segment and providing additional avenues for growth. We continue to see increasing demand for renewables consulting and anticipate continued high growth in 2021.

Our traditional business within oil & gas and shipping experienced significant headwind during 2020 from Covid-19, low oil price and reduced international trade. These challenges are expected to gradually subside during 2021, and a cyclical upswing could be underway from second half of 2021 depending on the success and speed of the vaccination.

Finally, we are happy to announce that the Board has proposed another dividend of NOK 0.25 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 pre-recorded audio webcast presentation of the fourth quarter 2020 results will be released today at 14:00 CET. To view the webcast, please visit AqualisBraemar LOC’s web site,

The quarterly report and the slide deck for the quarterly presentation are available here.

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

About AqualisBraemar LOC ASA

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