Investor News Story

Spectrum ASA: 1st Quarter Financial Results (2019-05-10T07:00:00 CEST)

Summary Q12019 (segment using APMs)

    Quarter  Quarter  12 months 
    ended  ended  ended 
 (USD 1000)    (Unaudited)  (Unaudited)  (Audited) 
Net Segment Revenue  46 55626 911133 754
Segment EBIT  12 191(669)30 612
Segment Profit / (Loss)  7 405(113)17 180
Cash flow from operating activities  43 20428 61974 083
Investment in Multi-Client library  28 41522 23652 516
Segment Multi-Client Library net book value  161 386173 603156 693
Cash and cash equivalents   39 01520 12337 730

Q1 Highlights:

  • Late sales in the quarter of MUSD 31.9 (2018: MUSD 13.1) 
  • Segment early sale on Multi-Client investments in the quarter was MUSD 14.7 (2018: MUSD 13.7), primarily related to Brazil surveys
  • Multi-Client investments were MUSD 28.4 with 52% prefunding rate (2018: MUSD 22.2 with 62% prefunding) 
  • Gross Multi-Client investments were MUSD 33.8 (2018: MUSD 51.2) 
  • Operational cash flow in Q1 was MUSD 43.2 (2018: MUSD 28.6)

For further information, please contact:

Rune Eng, CEO Email: ( Cell: +47 915 70845

Dean Zuzic; CFO Email: ( 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".

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


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