AqualisBraemar has reported growth and improved profitability in the first quarter of 2020. Revenues in Q1 were USD 19.8 million and Adjusted EBIT was USD 1.4 million, representing a 7% margin Activity has been high across most regions and business streams.
First-quarter revenues in the renewables business stream increased by 57% relative to the first quarter of 2019. The company won a contract from Simply Blue Energy and Total to support them with the floating wind Erebus project. The company’s ambition is for 50% of its revenues to come from renewables and other ESG driven sources by 2025. Backlog increased 37% driven by the floating offshore wind Erebus contract and to date there is no significant group-wide impact of COVID 19.
