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Friday, 9 February 2018

Spectrum ASA: 4th Quarter and Full Year 2017 Financial Results

Spectrum ASA    

Published: 07:00 CET 09-02-2018 /GlobeNewswire /Source: Spectrum ASA / : SPU /ISIN: NO0010429145

Spectrum ASA: 4th Quarter and Full Year 2017 Financial Results

Summary Q4 and FY 2017

    SPECTRUM GROUP
    Quarter  Quarter  12 months  12 Months 
    ended  ended  ended  ended 
   31.12.1731.12.1631.12.1731.12.16
 (USD 1000)    (Unaudited)  (Unaudited)  (Unaudited)  (Audited) 
       
Net operating revenue    46 108  34 578*  118 850  86 852*
       
EBIT  (6 884)** 48(16 037)**(19 048)
       
Net Profit / (Loss)  (14 231)  2 525(26 843)(20 283)
       
Cash flow from operating activities    16 073  20 396  99 400  61 215
       
Investment in Multi-Client library    10 219  7 474  82 359  50 671
       
Multi-Client library Net book value    169 408  192 721  169 408  192 721
       
Cash and cash equivalents     14 155  15 827  14 155  15 827

  * Includes other revenue related to tax credit in Brazil of MUSD 4.4 for Q4 and MUSD13.1 for 2017.
  ** Includes impairments of MUSD 25.6 on specific surveys, no impairment of Multi-Client goodwill.

 

 

Q4 Highlights

  • Late sales in the quarter of MUSD 35.7 (2016: MUSD 27.3)
  • Prefunding on Multi-Client investments in the quarter was MUSD 10.3 (2016: MUSD 2.5), primarily related to the Gabon and Argentina surveys.
  • Multi-Client investments were MUSD 10.2 with 101% prefunding rate (2016: MUSD 7.5 with 34% prefunding)
  • Operational cash flow in Q4 was MUSD 16.1 (2016: MUSD 20.4), after an increase in working capital of MUSD 20.9 (2016: MUSD 9.4).

 

12 months Highlights

  • Late sales for 2017 was MUSD 61.4 (2016: MUSD 50.3)
  • Prefunding on Multi-Client investments was MUSD 57.2 (2016: MUSD 18.7), with a substantial part related to the Gabon and Argentina surveys.
  • Multi-Client investments were MUSD 82.4 with 70% prefunding rate (2016: MUSD 50.7 with 37% prefunding)
  • Operational cash flow was MUSD 99.4 (2016: MUSD 61.2), after a decrease in working capital of MUSD 7.0 (2016: increase of MUSD 1.1).

 

"Spectrum  provides  innovative  Multi-Client  seismic  surveys  and high-
quality seismic  imaging services to the global oil and gas industry from
offices in 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

 

 

 

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


Q4 - 17 Earnings Report
Q4 2017 Presentation Final



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 Corporate Solutions clients. Source: Spectrum ASA, Oslo 0278, NORGE
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