Spectrum ASA: 2nd Quarter 2017 Financial Results

11 augustus 2017

			SPECTRUM GROUP
			Quarter	Quarter	6 months	6 months	12 Months
			ended	ended	ended	ended	ended
			30.06.17	30.06.16	30.06.17	30.06.16	31.12.16
(USD 1000)			(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Net operating revenue			30 403	13 601	55 727	31 826	86 852 *
EBIT			(619)	(9 898)	(3 326)	(16 690)	(19 048)
Net Profit / (Loss)			(2 983)	(10 993)	(6 703)	(18 893)	(20 283)
Cash flow from operating activities			24 774	(6 037)	60 334	37 977	61 215
Investment in Multi-Client library			31 331	7 414	58 611	35 147	50 671
Multi-Client library Net book value			205 104	220 393	205 104	220 393	192 721
Cash and cash equivalents			6 859	14 882	6 859	14 882	15 827
* Includes other revenue related to tax credit in Brazil of MUSD 13.1

 

 

• Late sales in the quarter of MUSD 8.2 (2016: MUSD 7.8)
• Prefunding on Multi-Client investments in the quarter was MUSD 22.2 (2016: MUSD 5.4), primarily related to the Gabon and Argentina surveys.
• Multi-Client investments were MUSD 31.3 with 71% prefunding rate (2016: MUSD 7.4 with 73% prefunding)
• Operational cash flow in Q2 was MUSD 24.8 (2016: MUSD (6.0))

 

 

• Late sales YTD of MUSD 18.1 (2016: MUSD 13.3)
• Prefunding on Multi-Client investments was MUSD 37.6 (2016: MUSD 14.6), substantial part related to the Gabon survey.
• Multi-Client investments were MUSD 58.6 with 64% prefunding rate (2016: MUSD 35.1 with 42% prefunding)
• Operational cash flow was MUSD 60.3 (2016: MUSD 38.0)

 

 "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


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

 

 

 

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