Investor News Story

Spectrum ASA: 4th Quarter and Full Year 2018 Financial Results (2019-02-08T07:00:00 CET)

Summary Q4 and 12 months - 2018 (segment using APMs)

    SPECTRUM GROUP
    Quarter  Quarter  12 months  12 months 
    ended  ended  ended  ended 
   31.12.1831.12.1731.12.1831.12.17
 (USD 1000)    (Unaudited)  (Unaudited)  (Unaudited)  (Audited) 
       
Segment revenue  53 09646 108133 754118 850
       
Segment EBIT  26 434(6 884)30 612(16 037)
       
Segment Net Profit / (Loss)  21 103(14 231)17 180(26 843)
       
Cash flow from operating activities 12 78516 07374 08399 400
       
Investment in Multi-Client library  9 24110 21952 51682 359
       
Segment Multi-Client Net book value 156 693169 408156 693169 408
       
Cash and cash equivalents   37 73014 15537 73014 155

Q4 Highlights

  • Late sales in the quarter of MUSD 49.0 (2017: MUSD 35.7) 
  • Segment early sale on Multi-Client investments in the quarter was MUSD 4.1 (2017: MUSD 10.3), primarily related to Argentina surveys
  • Multi-Client investments were MUSD 9.2 with 45% prefunding rate (2017: MUSD 10.2 with 101% prefunding) 
  • Gross Multi-Client investments were MUSD 14.1 (2017: MUSD 26.6) 
  • Operational cash flow in Q4 was MUSD 12.8 (2017: MUSD 16.1)

12 Months Highlights

  • Late sales YTD of MUSD 103.2 (2017: MUSD 61.4)
  • Segment early sale on Multi-Client investments was MUSD 30.4 (2017: MUSD 57.2), substantial part related to the Mozambique, Otway and Argentina surveys
  • Multi-Client investments were MUSD 52.5 with 58% prefunding rate (2017: MUSD 82.4 with 70% prefunding)
  • Gross Multi-Client investments were MUSD 110.5 (2017: MUSD 127.0) 
  • Operational cash flow was MUSD 74.1 (2017: MUSD 99.4)

For further information, please contact:

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

Dean Zuzic; CFO
Email: dean.zuzic@spectrumgeo.com
Cell: +47 414 33560

“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”.

www.spectrumgeo.com

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

Attachments


2018 Q4 Earnings release-Final pdf
2018 Q4 Presentation -Final pdf