Investor News Story

Spectrum ASA: 3rd Quarter 2018 Financial Results (2018-10-26T07:00:00 CET)

Summary Q3 and 9 months - 2018 (segment using APMs)

       SPECTRUM GROUP
       Quarter   Quarter   9 months   9 months   12 months 
       ended   ended   ended   ended   ended 
      30.09.18 30.09.17 30.09.18 30.09.17 31.12.17
 (USD 1000)       (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Audited) 
               
Segment revenue     30 281 17 014 80 654 72 741 118 850
               
Segment EBIT     6 813 (5 827) 4 175 (9 153) (16 037)
               
Segment Net Profit / (Loss)     601 (5 909) (3 928) (12 612) (26 843)
               
Cash flow from operating activities   8 024 22 993 61 297 83 327 99 400
               
Investment in Multi-Client library     5 476 13 529 43 275 72 140 82 359
               
Segment Multi-Client Net book value 163 787 201 648 163 787 201 648 169 408
               
Cash and cash equivalents      36 483 10 670 36 483 10 670 14 155

 

Q3 Highlights

 

  • Late sales in the quarter of MUSD 27.0 (2017: MUSD 7.6)
  • Segment early sale on Multi-Client investments in the quarter was MUSD 3.3 (2017: MUSD 9.3), primarily related to the Otway and Argentina surveys
  • Multi-Client investments were MUSD 5.5 with 60% prefunding rate (2017: MUSD 13.5 with 69% prefunding)
  • Gross Multi-Client investments were MUSD 14.8 (2017: MUSD 25.0)
  • Operational cash flow in Q3 was MUSD 8.0 (2017: MUSD 23.0)
     

       

 

9 Months Highlights

 

  • Late sales YTD of MUSD 54.2 (2017: MUSD 25.7)
  • Segment early sale on Multi-Client investments was MUSD 26.3 (2017: MUSD 46.9), substantial part related to the Mozambique, Otway and Argentina surveys
  • Multi-Client investments were MUSD 43.3 with 61% prefunding rate (2017: MUSD 72.1 with 65% prefunding)
  • Gross Multi-Client investments were MUSD 96.4 (2017: MUSD 100.4)
  • Operational cash flow was MUSD 61.3 (2017: MUSD 83.3)


For further information, please contact:

Rune Eng, CEO
Email: rune.eng@spectrumgeo.com
Cell: +47 915 70845

Henning Olset
; CFO
Email: Henning.Olset
@Spectrumgeo.com

Cell: +47 922 66948

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


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


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870179.pdf pdf