Q1 2021 financial results

AqualisBraemar LOC’s 2021 first quarter results


  • Revenues of USD 36.7 million (Q1 2020: USD 19.8m)
  • EBIT of USD 1.9 million (Q1 2020: USD 1.3m)
  • Adjusted EBIT of USD 2.4 million (Q1 2020: USD 1.4 m)
  • Cash balance of USD 28.3 million (Q4 2020: USD 30.6m)
  • Interest bearing bank debt of USD 15.1 million (Q4 2020: 15.1m)
  • Operating cash flow of USD -1.0 million (Q4 2020: USD 2.7m), negatively impacted by working capital movements
  • Completed acquisition of East Point Geo
  • Proposed dividend of NOK 0.25 per share in 1H 2021, to be paid in June per semi-annual schedule

David Wells, CEO of AqualisBraemar LOC ASA (“AqualisBraemar LOC” or the “Company”) commented:
“We are pleased to conclude a quarter of solid operational performance amid big changes inside and outside the group.

We have delivered top line growth and comparable profitability relative to the first quarter of last year. This is encouraging, as our industry was relatively unaffected by the early stages of the pandemic in the first quarter of 2020. This year, the market has remained challenging through the quarter, with a relatively weak oil and gas market, plus travel restrictions and general slowdown in connection with the pandemic.

Internally, focus has been on the integration of LOC Group, the first phase of which concluded ahead of schedule in April. The former AqualisBraemar and LOC companies now operate jointly as AqualisBraemar LOC group. Feedback from clients and employees has been very positive, and we have already seen early positive results of the strategic benefits we targeted with the combination.

Renewables continues to be the growth engine of the group, growing some 30% year-on-year on a pro-forma combined basis. The increased capabilities of the group following the integration of LOC, Innosea, Longitude and East Point Geo put us in a strong position to capture at least our fair share of the expected market growth going forward.

Growth has also been strong in Maritime and Adjusting, while Oil & Gas is down slightly on pro-forma combined basis due to project phasing and general market weakness.

Looking ahead there are early indications that improved rig activity could drive improvement in the Oil & Gas sector, but activity on larger projects is expected to remain sluggish through most of the year. Positive developments in our other market sectors are expected to continue.”

A pre-recorded audio webcast presentation of the first quarter 2021 results will be released today at 14:00 CET. To view the webcast, please visit AqualisBraemar LOC’s website,

The slide deck for the quarterly presentation is available here.