| SPECTRUM GROUP | ||||||
| Quarter | Quarter | 12 months | 12 months | |||
| ended | ended | ended | ended | |||
| 31.12.15 | 31.12.14 | 31.12.15 | 31.12.14 | |||
| (USD 1000) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
| Net operating revenue | 42 011 | 47 864 | 109 844 | 183 298 | ||
| EBIT | (4 373) | 16 641 | (5 169) | 52 795 | ||
| Net Profit / (Loss) | (5 495) | 11 973 | (8 654) | 38 229 | ||
| Cash flow from operating activities | 38 447 | 30 543 | 98 246 | 128 170 | ||
| Investment in Multi-Client library | 27 723 | 30 404 | 174 618 | 113 280 | ||
| Multi-Client library Net book value | 220 686 | 131 266 | 220 686 | 131 266 | ||
| Cash and cash equivalents | 23 373 | 8 364 | 23 373 | 8 364 | ||
Q4 Highlights
- Net Multi-Client revenues in the quarter totaled MUSD 41.9 (2014: MUSD 47.5)
- Net Multi-Client revenues were comprised of late sales of MUSD 27.4 (2014: MUSD 17.5), prefunding on Multi-Client investments of MUSD 14.4 (2014: MUSD 30.0) and other revenue of MUSD 0.2 (2014: MUSD 0.0).
- EBIT for the quarter was MUSD (4.4) (2014: MUSD 16.6)
- Multi-Client investments were MUSD 27.7 with 51.6% prefunding rate (2014: MUSD 30.4 with 98.8% prefunding)
- Operational cash flow before Multi-Client investments in Q4 was MUSD 38.4 (2014: MUSD 30.5)
12 months Highlights
- Net Multi-Client revenues totaled MUSD 109.1 (2014: MUSD 180.8)
- Net Multi-Client revenues were comprised of late sales of MUSD 79.4 (2014: MUSD 70.2), prefunding on Multi-Client investments of MUSD 26.1 (2014: MUSD 110.6) and other revenue of MUSD 3.5 (2014: MUSD 0.0).
- EBIT was MUSD (5.2) (2014: MUSD 52.8)
- Multi-Client investments were MUSD 174.6. Investments in new acquisitions were MUSD 65.6 with 39.8% prefunding rate (2014: MUSD 113.3 with 97.8% prefunding)
- Operational cash flow before Multi-Client investments was MUSD 98.2 (2014: MUSD 128.2)
"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
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
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
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
