Summary Q1-18 (adjusted using APMs)
| SPECTRUM GROUP | |||||
| Quarter | Quarter | 12 months | |||
| ended | ended | ended | |||
| 31.03.18 | 31.03.17 | 31.12.17 | |||
| (USD 1000) | (Unaudited) | (Unaudited) | (Audited) | ||
| Adjusted revenue | 26 911 | 25 324 | 118 850 | ||
| Adjusted EBIT | (669) | (2 706) | (16 037) | ||
| Ajusted Net Profit / (Loss) | (113) | (3 720) | (26 843) | ||
| Cash flow from operating activities | 28 619 | 35 560 | 99 400 | ||
| Investment in Multi-Client library | 22 236 | 27 280 | 82 359 | ||
| Adjusted Multi-Client Net book value | 173 603 | 192 721 | 169 408 | ||
| Cash and cash equivalents | 20 123 | 16 681 | 14 155 | ||
Q1 Highlights
- Late sales in the quarter of MUSD 13.1 (2017: MUSD 9.9)
- Adjusted early sale on Multi-Client investments in the quarter was MUSD 13.7 (2017: MUSD 15.4), primarily related to the Mozambique and Argentina surveys.
- Multi-Client investments were MUSD 22.2 with 62% prefunding rate (2017: MUSD 27.3 with 56% prefunding)
- Operational cash flow in Q1 was MUSD 28.6 (2017: MUSD 35.6), after a decrease in adjusted working capital of MUSD 11.4 (2017: MUSD 15.6).
"Spectrum provides innovative Multi-Client seismic surveys and high- quality seismic imaging services to the global oil and gas industry from offices in the 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."
Spectrum ASA is listed on the Oslo Stock Exchange (OSLO:SPU).
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
Jan Schoolmeesters COO Cell: +47 917 77 961 Email: jan.schoolmeesters@spectrumgeo.com