- Published: 28 May 2020 28 May 2020
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.