Hold the Presses is your online newsportal en brings press releases from around the world. Journalists can use it for free, although it is their responsibilty to check the news. Hold the Presses is in no way responsible for the content of the press releases, the Sender is. We hope you enjoy reading the news we bring you on this website. If a message is published that is not acceptable, we apologize. Please contact us and we will remove the message as soon as possible.

Friday, 11 August 2017

Spectrum ASA: 2nd Quarter 2017 Financial Results

Spectrum ASA    

Published: 07:15 CEST 11-08-2017 /GlobeNewswire /Source: Spectrum ASA / : SPU /ISIN: NO0010429145

Spectrum ASA: 2nd Quarter 2017 Financial Results

    SPECTRUM GROUP
    Quarter  Quarter  6 months  6 months  12 Months 
    ended  ended  ended  ended  ended 
   30.06.1730.06.1630.06.1730.06.1631.12.16
 (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   

 

Q2 Highlights

 

  • 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))

 

6 months Highlights

 

  • 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

 

 

 

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


Q2 - Earnings Report
Q2-2017 presentation



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Spectrum ASA, Oslo 0278, NORGE
If you would like to unsubscribe and stop receiving these e-mails click here.