Investor News Story
Spectrum ASA: 4th Quarter and Full Year 2016 Financial Results (2017-02-10T07:15:00 CET)

Spectrum Group Summary

Quarter Quarter 12 months 12 Months
ended ended ended ended
31.12.16 31.12.15 31.12.16 31.12.15
(USD 1000) (Unaudited) (Unaudited) (Unaudited) (Audited)
Net operating revenue 34 578* 42 011 86 852* 109 844
EBIT 48 (4 373) (19 048) (5 169)
Net Profit / (Loss) 2 525 (5 495) (20 283) (8 654)
Cash flow from operating activities 20 396 38 447 61 215 98 199
Investment in Multi-Client library 7 474 27 723 50 671 174 618
Multi-Client library Net book value 192 721 220 686 192 721 220 686
Cash and cash equivalents 15 827 23 373 15 827 23 373

* includes other revenue related to tax credit in Brazil of MUSD 4.5 for Q4 and MUSD 13.1 for 2016

Q4 Highlights

  • Net Multi-Client revenues in the quarter totaled MUSD 29.9 (2015: MUSD 41.9)
  • Net Multi-Client revenues were comprised of late sales of MUSD 27.3 (2015: MUSD 27.4), prefunding on Multi-Client investments of MUSD 2.5 (2015: MUSD 14.4) and other revenue of MUSD 0.1 (2015: MUSD 0.2)
  • EBIT for the quarter was MUSD 0.0 (2015: MUSD (4.4))
  • Multi-Client investments were MUSD 7.5 with 33.6% prefunding rate (2015: MUSD 27.7 with 51.8% prefunding rate)
  • Operational cash flow of MUSD 20.4 (2015: MUSD 38.4)
  • Other revenue of MUSD 4.5, based on transaction tax credits filed in Brazil

12 months Highlights

  • Net Multi-Client revenues totaled MUSD 72.4 (2015: MUSD 109.1)
  • Net Multi-Client revenues were comprised of late sales of MUSD 50.2 (2015: MUSD 79.4), prefunding on Multi-Client investments of MUSD 18.7 (2015: MUSD 26.1) and other revenue of MUSD 3.5 (2015: MUSD 3.5).
  • EBIT was MUSD (19.0) (2015: MUSD (5.2))
  • Multi-Client investments were MUSD 50.7 with 36.9% prefunding rate (2015: Multi-Client investments were MUSD 174.6. Investments in new acquisitions were MUSD 65.6 with 39.8% prefunding rate)
  • Operational cash flow was MUSD 61.2 (2015: MUSD 98.2)
  • Other revenue of MUSD 13.1 based on transaction tax credits filed in Brazil

"Spectrum provides innovative Multi-Client seismic surveys and high-
quality seismic imaging services to the global oil and gas industry from
offices inNorway, UK, USA, Brazil, Egypt, Australia, Indonesia and
Singapore. Spectrum designs, acquires and processes seismic data to deliver
high quality solutions through its dedicated and experienced workforce.
Spectrum holds the world's largest library of Multi-Client 2D marine seismic
data and a significant amount of 3D seismic. The company's strategy focuses on
both the major, established hydrocarbon-producing regions of the world as well
as key frontier areas identified by our experienced team of geoscientists. The
Spectrum library of Multi-Client data contains projects from many of the
foremost oil producing regions of the world. These include new acquisition,
reprocessing and interpretation reports."

www.spectrumgeo.com

For additional information about this press release please contact:


Henning Olset

CFO
Cell: +47 922 66 948
Email: henning.olset@spectrumgeo.com

Rune Eng
CEO
Cell: +47915 70 845
Email: rune.eng@spectrumgeo.com


Q4 and FY 2016 presentation pdf
Q4 and FY 2016 Earnings Report pdf