Aqualis ASA (A public limited liability company organised under the laws of Norway) Org.no. 913 757 424 The information in this prospectus (the "Prospectus") relates to (i) a underwritten rights issue (the “Rights Issue”) by Aqualis ASA (“Aqualis” or the “Company”, and when taken together with its consolidated subsidiaries, the “Group” or the “Aqualis Group”) and the listing on Oslo Børs of up to 8,882,575 new shares in the Company with a par value of NOK 0.1 each (the “Rights Issue Shares”), issued for a subscription price of NOK 3.96 per share (the “Subscription Price”), (ii) listing of 4,375,000 new shares in Aqualis, each with a par value of NOK 0.1 each (the “Private Placement Shares”) and (iii) listing of 14,865,621 new shares in Aqualis, each with a par value of NOK 0.1 each (the “Consideration Shares”, and together with the Rights Issue shares and the Private Placement Shares the “New Shares”). Subscription Period for the Rights Issue: From 24 June 09:00 (CET) to 8 July 16:30 (CET) Trading in Subscription Rights: From 24 09:00 (CET) 4 July 16:30 (CET) The shareholders of the Company as at 11 June 2019 (and being registered as such in the Norwegian Central Securities Depository (the "VPS") on 13 June 2019 pursuant to the two days' settlement procedure (the "Record Date")) (the "Existing Shareholders"), will be granted subscription rights in the Rights Issue that, subject to applicable law, provide preferential rights to subscribe for and be allocated Rights Issue Shares at the Subscription Price (the "Subscription Rights"). The Subscription Rights will be registered on each Existing Shareholder's VPS account. Subscription Rights will not be issued in respect of any existing shares held in treasury by the Company. The Subscription Rights will be listed and tradable on the Oslo Stock Exchange during the Subscription Period (as defined below) under the ticker code "AQUA T". Each Existing Shareholder will be granted approximately 0.21 Subscription Rights for every 1 existing share of the Company registered as held by such Existing Shareholder as at the Record Date, rounded down to the nearest whole Subscription Right. All Subscription Rights, regardless of whether they have been acquired by Existing Shareholders or otherwise, carry the same rights to subscription in the Company. Each Subscription Right will, subject to applicable law, give the right to subscribe for, and be allocated, one Rights Issue Share. Over- subscription and subscription without Subscription Rights is permitted. The subscription period will commence at 09:00 CET on 24 June 2019 and expire at 16:30 Central European Time ("CET") 8 July 2019 (the "Subscription Period"). Subscription Rights that are not used to subscribe for Rights Issue Shares or sold before the expiry of the Subscription Period will have no value and will lapse without compensation to the holder. Following expiry of the Subscription Period, any Rights Issue Shares that have not been subscribed for, and allocated, in the Rights Issue will be subscribed and paid for at the Subscription Price by the Company's largest shareholder, Gross Management AS and certain other shareholders, subject to the terms and conditions of the underwriting agreement entered into between the Company and the Underwriters on 13 May 2019 (the "Underwriting Agreement"). The Consideration Shares will be issued on or about 24 June 2019 as part of the consideration to Braemar Shipping Services PLC (“Braemar”) for the acquisition of three carved out business lines from Braemar, Offshore, Marine and Adjusting (jointly referred to as “Braemar Technical Services”, “Braemar Technical”, or the “Braemar Assets” and taken together with the Group (the “Combined Business”, “Combined Company”, “AqualisBraemar”, or the “Combined Group”). The Company's existing shares are, and the New Shares will be, listed on the Oslo Stock Exchange under the ticker code "AQUA". Except where the context requires otherwise, references in this Prospectus to "Shares" will be deemed to include the existing shares in the Company and the New Shares. All of the existing shares in the Company are, and the New Shares will be, registered in the VPS in book-entry form. All of the issued Shares rank pari passu with one another and each carries one vote. Investing in the Shares, involves a high degree of risk. Prospective investors should read the entire document and, in particular, consider Section 2 “Risk Factors” beginning on page 18 when considering an investment in the Company. For the definitions of capitalized terms used throughout this Prospectus, see Section 21 “Definitions and glossary terms” Receiving agent and Manager: The date of this Prospectus is 21 June 2019 2 IMPORTANT INFORMATION This prospectus (the “Prospectus”) has been prepared to comply with the Norwegian Securities Trading Act of 29 June 2007 no. 75 (the “Norwegian Securities Trading Act”) and related secondary legislation, including the Commission Regulation (EC) no. 809/2004 implementing Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 regarding information contained in prospectuses (the “Prospectus Directive”) as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements (hereafter “EC Regulation 809/2004”). This Prospectus has been prepared solely in the English language. The Financial Supervisory Authority of Norway (Nw. Finanstilsynet) (the “Norwegian FSA”) has reviewed and approved this Prospectus on 21 June 2019 in accordance with sections 7-7 and 7-8 of the Norwegian Securities Trading Act. The Norwegian FSA's control and approval in this respect is limited to whether the issuer has included descriptions according to a pre-defined list of content requirements. The Norwegian FSA has not verified or approved the accuracy or completeness of the information provided in this Prospectus. It is the Company's responsibility to ensure that the information in the prospectus is accurate and complete. Furthermore, the Norwegian FSA has not made any sort of control or approval of the corporate matters described in or otherwise included in the prospectus. The information contained herein is current as of the date hereof and subject to change, completion and amendment without notice. In accordance with section 7-15 of the Norwegian Securities Trading Act, significant new factors, material mistakes or inaccuracies relating to the information included in this Prospectus, which are capable of affecting the assessment of the Shares between the time when this Prospectus is approved and the date of admission to trading of the Shares on the Oslo Stock Exchange, will be included in a supplement to this Prospectus. Neither the publication nor distribution of this Prospectus, nor any delivery of Shares, shall under any circumstances create any implication that there has been no change in the Group’s affairs or that the information herein is correct as of any date subsequent to the date of this Prospectus. The Company has engaged SpareBank 1 Markets AS as manager (the “Manager”) in connection with the listing of the Shares on the Oslo Stock Exchange. The Manager makes no representation or warranty, whether express or implied, as to the accuracy or completeness of the information contained in this Prospectus, and nothing contained in this Prospectus is, or shall be relied upon as, a promise or representation by the Manager. No person is authorised to give information or to make any representation in connection with the Transaction or the listing of the Shares on the Oslo Stock Exchange other than as contained in this Prospectus. If any such information is given or made, it must not be relied upon as having been authorised by the Company or the Manager or by any of the affiliates or advisors of any of the foregoing. The distribution of this Prospectus and the delivery of the Shares in certain jurisdictions may be restricted by law. The Company and the Manager require persons in possession of this Prospectus to inform themselves about and to observe any such restrictions. This Prospectus does not constitute an offer or solicitation to buy, subscribe or sell the securities described herein, and no securities are being offered or sold pursuant to this Prospectus. The Shares may, in certain jurisdictions, be subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable securities laws and regulations. Investors should be aware that they may be required to bear the financial risks of this investment for an indefinite period of time. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. The Shares described in this Prospectus have not been, and will not be, registered under the United States Securities Act of 1933 or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold within the United States or to a U.S. person except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the United States Security Act of 1933 and in compliance with any application state securities laws. This Prospectus has not been approved nor reviewed by the U.S. Securities and Exchange Commission and is not for general distribution in the Unites States. For certain restrictions on transfer of the Shares, see section 20 “Selling and transfer Restrictions”. 3 This Prospectus does not constitute an offer document or an offer of transferable securities to the public in the UK to which section 85 of the Financial Services and Markets Act 2000 of the UK (“FSMA”) applies and should not be considered as a recommendation that any person should purchase any of the Shares.