Oslo, Norway, 6(th) July 2018.
Based on preliminary figures for Q2 2018, management expects to report Gross Revenue of approximately USD 37 million (USD 38 million in Q2 2018) and Net Revenue of approximately USD 23 million for the quarter (USD 30 million in Q2 2017). The difference between Gross Revenue and Net Revenue in Q2 2018 is primarily sales made on risk share projects. The expected Net Revenue is split between Late Sale of approximately USD 14 million (USD 8 million in Q2 2017) and Early Sale of approximately 9 million (USD 22 million in Q2 2017). The reduction in expected Early Sale is due to a material reduction in MC capex compared to Q2 2017.
The Revenue indicated is based the Percentage Of Completion (POC) principle used by Spectrum management for management reporting.
Spectrum expects to report secured Net Interest Bearing Debt of negative USD 4 million as the cash balance of USD 27 million as of 30(th) June 2018 exceeds the secured Interest Bearing Debt of USD 23 million.
Spectrum will report Q2 2018 financial results 17(th) August 2018.
For further information please contact:
Henning Olset, CFO Mobile: +47 92 26 69 48 E-mail: henning.olset@spectrumgeo.com
Rune Eng, CEO Mobile: +47 91 57 08 45 E-mail: rune.eng@spectrumgeo.com