Investor News Story
Spectrum ASA: 2nd Quarter 2017 Financial Results (2017-08-11T07:15:00 CET)
SPECTRUM GROUP
Quarter Quarter 6 months 6 months 12 Months
ended ended ended ended ended
30.06.17 30.06.16 30.06.17 30.06.16 31.12.16
(USD 1000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Net operating revenue 30 403 13 601 55 727 31 826 86 852 *
EBIT (619) (9 898) (3 326) (16 690) (19 048)
Net Profit / (Loss) (2 983) (10 993) (6 703) (18 893) (20 283)
Cash flow from operating activities 24 774 (6 037) 60 334 37 977 61 215
Investment in Multi-Client library 31 331 7 414 58 611 35 147 50 671
Multi-Client library Net book value 205 104 220 393 205 104 220 393 192 721
Cash and cash equivalents 6 859 14 882 6 859 14 882 15 827
* Includes other revenue related to tax credit in Brazil of MUSD 13.1

Q2 Highlights

  • Late sales in the quarter of MUSD 8.2 (2016: MUSD 7.8)
  • Prefunding on Multi-Client investments in the quarter was MUSD 22.2 (2016: MUSD 5.4), primarily related to the Gabon and Argentina surveys.
  • Multi-Client investments were MUSD 31.3 with 71% prefunding rate (2016: MUSD 7.4 with 73% prefunding)
  • Operational cash flow in Q2 was MUSD 24.8 (2016: MUSD (6.0))

6 months Highlights

  • Late sales YTD of MUSD 18.1 (2016: MUSD 13.3)
  • Prefunding on Multi-Client investments was MUSD 37.6 (2016: MUSD 14.6), substantial part related to the Gabon survey.
  • Multi-Client investments were MUSD 58.6 with 64% prefunding rate (2016: MUSD 35.1 with 42% prefunding)
  • Operational cash flow was MUSD 60.3 (2016: MUSD 38.0)

"Spectrum provides innovative Multi-Client seismic surveys and high-
quality
seismic imaging services to the global oil and gas industry from offices in the
Norway, 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

Jan Schoolmeesters
COO
Cell: +47917 77 961
Email: jan.schoolmeesters@spectrumgeo.com

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Q2 - Earnings Report pdf
Q2-2017 presentation pdf