Norwegian energy consultancy Aqualis ASA (OSL:AQUA) today reported operating loss and lower revenues for the first quarter of 2016 amid weaker-than-expected conditions in the oil and gas market.
"By contrast the markets for offshore renewables and solar have started the year firmly justifying our decision not to rely on a single market," said chief executive David Wells.
Adler Solar, where Aqualis owns 49.9%, has seen a seasonal slowdown in the winter months but the outlook for 2016 is positive, the company says. It also said its Offshore Wind Consultants business has strengthened its market position.
Aqualis reported negative earnings before interest and tax (EBIT) of USD 1.5 million (EUR 1.3m) for the first quarter, against a positive result of USD 518,000 a year ago. Revenues dropped to USD 6.9 million from USD 11.4 million.