4th Quarter and full year 2013 Results Unaudited February 14th 2014
Q4 2013 Highlights Active customer spending in December resulted in a good Q4 sale The robustness of the library was proven 11,330 sqkm with diversified Multi-Client distribution of sales in North & South America, Africa and…
Q4 2013 Financial Highlights Q4 Gross revenues MUSD 47, down 15% from Q4-12 Q4 Net revenues MUSD 39, down 24% from Q4-12 Q4 MC investment MUSD 13.5, up 12% from Q4-12 MUSD Gross Revenue MUSD Net Revenue 180 180 160 160 140 140…
Full Year 2013 Financial Highlights Full year Gross Revenues MUSD 162, up 15% from 2012 Full year Net Revenues MUSD 143, up 22% from 2012 Full year MC Investment MUSD 85, up 12% from 2012 MUSD Gross Revenue MUSD Net Revenue 180…
Q4 and Full year 2013 Multi-Client Revenue per Region Q4 Gross revenue MUSD 46 2013 Gross revenue MUSD 160 1 3 13 North and South 33 North and South America America 16 Africa Africa EME EME 85 Asia and Pacific 39 Asia and…
Manage risk and cash in MC business Spectrum has cash management flexibility inherent in our business model Spectrum has no long term vessel obligation and we are able to adjust our investment profile according to market…
Financials
Q4 Income Statement Spectrum Group Quarter Quarter 12 months 12 Months ended ended ended ended Change (USD 1000) 31.12.13 31.12.12 Change in % 31.12.13 31.12.12 in % Total operating revenue 47,040 55,098 -15% 162,001 141,136 15%…
Multi-Client NBV & Investments Q4 2013 Multi-Client investments added was MUSD 13.5 Full year 2013 Multi-Client investments added was MUSD 85.2 120 115.7 112.4 108.0 92.7 100 78.6 87.1 86.3 80 60.1 56.6 62.0 MUSD 60 20.5 25.6…
Rolling earnings/book value of MC library 1.6 1.4 1.2 1.0 0.8 EBITDA 4 quarter rolling / book value of MC library rolling 0.6 EBIT 4 quarter rolling / book value of MC library rolling 0.4 0.2 -
Investment per vintage Net Book Value (NBV) as % of original investment per financial year vs. allowed Maximum NBV MUSD 90 82.8 80 70 82% 60 57.5 51.3 68% 50 40 36.0 100% 30 56% 74% 20 15.9 14.7 32% 26% 25% 10 1.1 0…
Q4 Operational Summary One 2D survey active during Q4 14,700 km MC2D, Croatia Mobilizing for the Foz do Amazonas 3D survey 11,330 sqkm MC3D, Brazil Reprocessing projects 34,000 km of MC2D data
Areas of High Interest Current Licensing activities Namibia - open door Gabon - ongoing negotiations UK - 28th round April 2014 Norway - 23rd round nominations Croatia - 1st round Q2 2014 Lebanon - 1st round ongoing Brazil - 13th…
Mediterranean Croatia Croatia MC2D survey completed 14,700 km of 2D long-offset data Final PSTM product available in April 2014 Data confirms large structures & undrilled prospects Combination with Italian MC2D data improves…
Mediterranean Croatia Offshore licensing round update Data room opening in Zagreb by end of February Block outline and fiscal term to be announced in March Official round opening scheduled for Q2 2014 Round expected to stay open…
Mediterranean Lebanon Lebanon 3D Round open, but two Petroleum laws still to be passed Block delineation Production Sharing terms Awaiting government formation Ongoing negotiations between parties 10 April current deadline for…
Other License Rounds Gabon Ongoing block award negotiations Block uplifts apply for majority of data 16,856 km available Norway 23rd licensing round nominations Good correlation with Spectrums FH2D survey UK 28th licensing…
Brazil Amazonas MC3D Joint Spectrum CGG Multi-Client 3D Equal partnership High prefunding level High-end Survey New generation Sentinel RD solid streamers BroadSeis TM acquisition and processing 11,330 sqkm technology…
Outlook
Outlook Spectrum estimates seismic spending by oil companies in 2014 to be flat compared to 2013 Well positioned for expected license rounds in 2014 Gabon, Croatia, UK, Norway Lebanon subject to political agreement on new…
Outlook Spectrum expects total MC investment for 2014 to be in excess of MUSD100 Spectrum expects growth in revenue for 2014 Proposed dividend of NOK 0.75 per share
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