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
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Net Multi-Client revenues in the quarter totaled MUSD 29.9 (2015:MUSD 41.9)
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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)
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EBIT for the quarter was MUSD 0.0 (2015: MUSD (4.4))
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Multi-Client investments were MUSD 7.5 with 33.6% prefunding rate (2015: MUSD 27.7 with 51.8% prefunding rate)
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Operational cash flow of MUSD 20.4 (2015:MUSD 38.4)
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Other revenue of MUSD 4.5, based on transaction tax credits filed in Brazil
12 months Highlights
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Net Multi-Client revenues totaled MUSD 72.4 (2015:MUSD 109.1)
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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).
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EBIT was MUSD (19.0) (2015: MUSD (5.2))
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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)
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Operational cash flow was MUSD 61.2 (2015:MUSD 98.2)
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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