Investor News Story
Spectrum ASA: 1st Quarter 2018 Financial Results (2018-04-20T07:00:00 CET)

Summary Q1-18 (adjusted using APMs)

SPECTRUM GROUP
Quarter Quarter 12 months
ended ended ended
31.03.18 31.03.17 31.12.17
(USD 1000) (Unaudited) (Unaudited) (Audited)
Adjusted revenue 26 911 25 324 118 850
Adjusted EBIT (669) (2 706) (16 037)
Ajusted Net Profit / (Loss) (113) (3 720) (26 843)
Cash flow from operating activities 28 619 35 560 99 400
Investment in Multi-Client library 22 236 27 280 82 359
Adjusted Multi-Client Net book value 173 603 192 721 169 408
Cash and cash equivalents 20 123 16 681 14 155

Q1 Highlights

  • Late sales in the quarter of MUSD 13.1 (2017: MUSD 9.9)
  • Adjusted early sale on Multi-Client investments in the quarter was MUSD 13.7 (2017: MUSD 15.4), primarily related to the Mozambique and Argentina surveys.
  • Multi-Client investments were MUSD 22.2 with 62% prefunding rate (2017: MUSD 27.3 with 56% prefunding)
  • Operational cash flow in Q1 was MUSD 28.6 (2017: MUSD 35.6), after a decrease in adjusted working capital of MUSD 11.4 (2017: MUSD 15.6).

"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

Spectrum ASA
is listed on the Oslo Stock Exchange (OSLO:SPU).

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: +47 915 70 845 Email: rune.eng@spectrumgeo.com

Jan Schoolmeesters COO Cell: +47 917 77 961 Email: jan.schoolmeesters@spectrumgeo.com