Spectrum ASA: 3rd Quarter 2017 Financial Results

 

Summary
			SPECTRUM GROUP
			Quarter	Quarter	9 months	9 months	12 Months
			ended	ended	ended	ended	ended
			30.09.17	30.09.16	30.09.17	30.09.16	31.12.16
(USD 1000)			(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Net operating revenue			17 014	20 447*	72 741	52 273*	86 852**
EBIT			(5 827)	(2 478)	(9 153)	(19 097)	(19 048)
Net Profit / (Loss)			(5 909)	(3 985)	(12 612)	(22 807)	(20 283)
Cash flow from operating activities			22 993	2 844	83 327	40 819	61 215
Investment in Multi-Client library			13 529	8 050	72 140	43 197	50 671
Multi-Client library Net book value			201 648	220 393	201 648	220 393	192 721
Cash and cash equivalents			10 670	14 882	10 670	14 882	15 827

 * Includes other revenue related to tax credit in Brazil of MUSD 8.7 (*) and MUSD13.1 (**).

Q3 Highlights

*  Late sales in the quarter of MUSD 7.6 (2016: MUSD 9.7)
*  Prefunding on Multi-Client investments in the quarter was MUSD 9.3 (2016: MUSD 1.5), primarily related to the Gabon and Argentina surveys.
*  Multi-Client investments were MUSD 13.5 with 69% prefunding rate (2016: MUSD 8.1 with 19% prefunding)
*  Operational cash flow in Q3 was MUSD 23.0 (2016: MUSD 2.8)

 

9 months Highlights

*  Late sales YTD of MUSD 25.7 (2016: MUSD 23.0)
* Prefunding on Multi-Client investments was MUSD 46.9 (2016: MUSD 16.2), substantial part related to the Gabon and Argentina surveys.
*  Multi-Client investments were MUSD 72.1 with 65% prefunding rate (2016: MUSD 43.2 with 37% prefunding)
*  Operational cash flow was MUSD 83.3 (2016: MUSD 40.8)

  

"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

  

 

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