Aqualis made an operating loss of $0.7m in the third quarter of 2016 despite an active offshore wind business.
The Norwegian consultancy said it maintained high activity in the offshore wind market and secured new contracts.
In contrast, activity in its oil and gas business was low due to adverse weather conditions, vacations months and a weak market.
Aqualis, which has a 49.9% stake in Adler Solar, also said results at the unit were impacted by the lack of large projects and the introduction of new services
Group revenue was down a third to $6.4m in the quarter compared with a year ago.
“The oil and gas market remains weak and we must continue our path to improve our operations and cost competitiveness,” Aqualis chief executive David Wells said.
Image: ReNEWS
Aqualis suffers despite fair winds
Revenue down 33% in the third quarter due to a weak O&G market
By EBS