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Q1 2021 financial results abl-group.com/all-media/news/investor-news/2021/q1-2021-financial-results/ AqualisBraemar LOC's 2021 first quarter results HIGHLIGHTS Q1 2021 • 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 ● May 19 , 2021 David Wells , CEO of Aqualis Braemar 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 Aqualis Braemar and LOC companies now operate jointly as Aqualis Braemar 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 . 1/2