StockMarketWire.com - Aqualis ASA's revenues fell to $6.2m in the fourth quarter of 2016 - 29% down on last time.

The group reported an operating loss of $1.0m and an adjusted operating loss of $0.5m and said results were hit by goodwill impairments, downsizing related costs and weak market conditions in the oil and gas market.

Chief executive David Wells said: "Whilst the oil and gas market remains weak, we have seen signs of increased tender activity and there are indications that we have either reached or are near the bottom of this recession.

"Contract visibility remains short term forcing us to take further cost and operational measures to ensure profitability.

"These will continue to be phased in throughout H1 2017.

"We expect 2017 to remain challenging for the oil and gas industry and we need to remain alert and adapting quickly to the opportunities that the market presents to us."


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