Spectrum ASA: 4th Quarter and Full Year 2016 Financial Results

10 februari 2017

Spectrum Group Summary

		Quarter	Quarter	12 months	12 Months
		ended	ended	ended	ended
		31.12.16	31.12.15	31.12.16	31.12.15
(USD 1000)		(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Net operating revenue		34 578*	42 011	86 852*	109 844
EBIT		48	(4 373)	(19 048)	(5 169)
Net Profit / (Loss)		2 525	(5 495)	(20 283)	(8 654)
Cash flow from operating activities		20 396	38 447	61 215	98 199
Investment in Multi-Client library		7 474	27 723	50 671	174 618
Multi-Client library Net book value		192 721	220 686	192 721	220 686
Cash and cash equivalents		15 827	23 373	15 827	23 373

   * includes other revenue related to tax credit in Brazil of MUSD 4.5 for Q4 and MUSD 13.1 for 2016

 

 

 

• Net Multi-Client revenues in the quarter totaled MUSD 29.9 (2015: MUSD 41.9)
• Net Multi-Client revenues were comprised of late sales of MUSD 27.3 (2015: MUSD 27.4), prefunding on Multi-Client investments of MUSD 2.5 (2015: MUSD 14.4) and other revenue of MUSD 0.1 (2015: MUSD 0.2)
• EBIT for the quarter was MUSD 0.0 (2015: MUSD (4.4))
• Multi-Client investments were MUSD 7.5 with 33.6% prefunding rate (2015: MUSD 27.7 with 51.8% prefunding rate)
• Operational cash flow of MUSD 20.4 (2015: MUSD 38.4)
• Other revenue of MUSD 4.5, based on transaction tax credits filed in Brazil 

 

 

• Net Multi-Client revenues totaled MUSD 72.4 (2015: MUSD 109.1)
• Net Multi-Client revenues were comprised of late sales of MUSD 50.2 (2015: MUSD 79.4), prefunding on Multi-Client investments of MUSD 18.7 (2015: MUSD 26.1) and other revenue of MUSD 3.5 (2015: MUSD 3.5).
• EBIT was MUSD (19.0) (2015: MUSD (5.2))
• Multi-Client investments were MUSD 50.7 with 36.9% prefunding rate (2015: Multi-Client investments were MUSD 174.6. Investments in new acquisitions were MUSD 65.6 with 39.8% prefunding rate)
• Operational cash flow was MUSD 61.2 (2015: MUSD 98.2)
• Other revenue of MUSD 13.1 based on transaction tax credits filed in Brazil

 

"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

 

 

 

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