Spectrum ASA: 3rd Quarter 2017 Financial Results

Date : 10/13/2017 @ 1:15AM
Source : GlobeNewswire
Stock : N^FTFT (SPU)
Quote : 2.6  0.0 (0.00%) @ 2:05AM

Spectrum ASA: 3rd Quarter 2017 Financial Results

 

Summary    
     
    SPECTRUM GROUP
    Quarter  Quarter  9 months  9 months  12 Months 
    ended  ended  ended  ended  ended 
   30.09.1730.09.1630.09.1730.09.1631.12.16
 (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 9932 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

  

 

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



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Spectrum ASA via Globenewswire

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