Summary Q4 and FY 2017
| SPECTRUM GROUP | ||||||
| Quarter | Quarter | 12 months | 12 Months | |||
| ended | ended | ended | ended | |||
| 31.12.17 | 31.12.16 | 31.12.17 | 31.12.16 | |||
| (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
