North Sea energy consultancy Aqualis has seen revenues drop by more than $1million compared to the same period last year but diversification into renewables markets is proving profitable.
The Norwegian company, which provides services to the global oil and gas, wind and solar sectors, has reported Q2 revenues of $7.3million, compared to $8.2million this time last year.
Operating profit (EBIT) for Q2 was $0.4 million versus a loss of $0.8 million in Q2 2016.
Renewables was a key market for the company, with solar and offshore wind markets providing a “positive contribution”.
It operates under three different brands: Aqualis Offshore, Offshore Wind Consultants and ADLER Solar.
The group’s order backlog is at $10.3million, with a cash balance of $8.9 million.
David Wells, chief executive of Aqualis, said: “We are delighted that we have been able to deliver a profitable quarter and positive figures for Q2 2017 and 1H 2017.
“It has been great team effort with many of our entities delivering strong performance. The result is underpinned by strong operational performance and the increased flexibility of our business model.
“Our renewable businesses, Offshore Wind Consultants Ltd and ADLER Solar GmbH, have both delivered good performance.
“We will continue to identify market opportunities in the offshore wind sector to leverage our strong market position, brand name, skill base and global network. We expect more activity in the offshore wind market driven by increased demand as costs continue to fall.”
He added: “The oil and gas market is still challenging and expected to remain so for the rest of 2017. I am confident that we have a strong basis on which to continue to improve our business and deliver excellent service to our customers.”
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