Oslo, Norway, 8th October 2018.
Based on preliminary figures for Q3 2018, management expects to report Gross Revenue of approximately USD 40 million (USD 21 million in Q3 2017) and Net Revenue of approximately USD 30 million for the quarter (USD 17 million in Q3 2017). The difference between Gross Revenue and Net Revenue in Q3 2018 is primarily sales made on risk share projects. The expected Net Revenue is split between Late Sale of approximately USD 27 million (USD 8 million in Q3 2017) and Early Sale of approximately 3 million (USD 9 million in Q3 2017).
The reduction in expected Early Sale is primarily due to a reduction in MC Capex compared to Q3 2017. Ongoing projects in Q3 2018 have mainly been done in partnership under a risk share model.
The Revenue indicated is based the Percentage Of Completion (POC) principle used by Spectrum for management reporting and external segment reporting.
Spectrum expects to report secured Net Interest Bearing Debt of negative USD 4 million as the cash balance of USD 36 million as of 30th September 2018 exceeds the secured Interest Bearing Debt of USD 32 million.
Spectrum will report Q3 2018 financial results 26th October 2018.
For further information please contact:
Henning Olset, CFO Mobile: +47 92 26 69 48
E-mail: henning.olset@spectrumgeo.com
Rune Eng, CEO Mobile: +47 91 57 08 45
E-mail: rune.eng@spectrumgeo.com