Oslo, Norway, 8th July 2019.
Based on preliminary figures for Q2 2019, management expects Net Revenue of approximately USD 52 million for the quarter (USD 23 million in Q2 2018). The expected Net Revenue is split between Late Sales of approximately USD 25 million (USD 14 million in Q2 2018) and Early Sales of approximately USD 27 million (USD 9 million in Q2 2018).
The Revenue indicated is based on the Percentage Of Completion (POC) principle used by Spectrum for management reporting and external segment reporting.
Spectrum expects secured Net Interest Bearing Debt of negative USD 6 million as the cash balance of USD 22 million as of 30th June 2019 exceeds the secured Interest Bearing Debt of USD 16 million.
Spectrum will report Q2 2019 financial results on August 30th . If the merger with TGS Nopec Geophysical Company ASA is completed prior to August 30th, Spectrum will not report separately.
For further information please contact:
Dean Zuzic, CFO Mobile: +47 41 43 35 60 E-mail: dean.zuzic@spectrumgeo.com
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act