Investor News Story

Spectrum ASA: 4th Quarter and Full Year 2017 Financial Results (2018-02-09T07:00:00 CET)

Summary Q4 and FY 2017

       SPECTRUM GROUP
       Quarter   Quarter   12 months   12 Months 
       ended   ended   ended   ended 
      31.12.17 31.12.16 31.12.17 31.12.16
 (USD 1000)       (Unaudited)   (Unaudited)   (Unaudited)   (Audited) 
             
Net operating revenue       46 108   34 578*   118 850   86 852*
             
EBIT     (6 884)**  48 (16 037)** (19 048)
             
Net Profit / (Loss)     (14 231)   2 525 (26 843) (20 283)
             
Cash flow from operating activities       16 073   20 396   99 400   61 215
             
Investment in Multi-Client library       10 219   7 474   82 359   50 671
             
Multi-Client library Net book value       169 408   192 721   169 408   192 721
             
Cash and cash equivalents        14 155   15 827   14 155   15 827

  * Includes other revenue related to tax credit in Brazil of MUSD 4.4 for Q4 and MUSD13.1 for 2017.
  ** Includes impairments of MUSD 25.6 on specific surveys, no impairment of Multi-Client goodwill.

Q4 Highlights

  • Late sales in the quarter of MUSD 35.7 (2016: MUSD 27.3)
  • Prefunding on Multi-Client investments in the quarter was MUSD 10.3 (2016: MUSD 2.5), primarily related to the Gabon and Argentina surveys.
  • Multi-Client investments were MUSD 10.2 with 101% prefunding rate (2016: MUSD 7.5 with 34% prefunding)
  • Operational cash flow in Q4 was MUSD 16.1 (2016: MUSD 20.4), after an increase in working capital of MUSD 20.9 (2016: MUSD 9.4).

 

12 months Highlights

  • Late sales for 2017 was MUSD 61.4 (2016: MUSD 50.3)
  • Prefunding on Multi-Client investments was MUSD 57.2 (2016: MUSD 18.7), with a substantial part related to the Gabon and Argentina surveys.
  • Multi-Client investments were MUSD 82.4 with 70% prefunding rate (2016: MUSD 50.7 with 37% prefunding)
  • Operational cash flow was MUSD 99.4 (2016: MUSD 61.2), after a decrease in working capital of MUSD 7.0 (2016: increase of MUSD 1.1).

 

"Spectrum  provides  innovative  Multi-Client  seismic  surveys  and high-
quality seismic  imaging services to the global oil and gas industry from
offices in 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: +47 915 70 845
Email: rune.eng@spectrumgeo.com

 

 

 

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

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