Spectrum ASA: 4th Quarter and Full Year 2016 Financial

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News Desk 2018
60
Spectrum ASA: 4th Quarter and Full Year 2016 Financial Results

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

 

 

Q4 Highlights    

 

  • 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 

 

12 months Highlights

 

  • 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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http://www.globenewswire.com/NewsRoom/Attachm...73a51e3331

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