Continued Operations Summary
(MUSD 000's)
Quarter Quarter 9 months 9 months
ended ended ended ended
30.09.11 30.09.10 30.09.11 30.09.10
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Revenue 27,263 6,885 41,123 16,001
EBITDA 12,786 4,092 15,248 8,147
% EBITDA 47% 59% 37% 51%
EBIT 4,164 637 4,308 1,768
% EBIT 15% 9% 10% 11%
Net profit 6,315 (1,629) 4,679 (4,053)
Quarter Highlights
* Multi Client revenue was MUSD 26.5 (MUSD 5.9). This level of income is more
than 250% higher than Spectrum's previous record for quarterly results and
the increase represents a step-change in the evolution of Spectrum as a pure
play Multi Client company. This revenue increase also had a marked effect
on the profitability of the Multi Client division and group as a whole, with
the division reporting a positive EBIT of MUSD 5.1 (MUSD 0.9).
* Spectrum announced agreement with CGGVeritas in July 2011 in which Spectrum
acquired more than 500,000 Km of 2D Seismic data for a price of MUSD 40.
Under the terms of the agreement, CGGVeritas became a major shareholder in
Spectrum ASA by taking a 25% stake in the company's equity. This
transaction more than doubled the volume of Spectrum's 2D Multi Client
library and allowed Spectrum instant access into a number of key sedimentary
basins where it did not previously have a presence. Also, the transaction
added datasets providing significant further data and very strong synergy in
regions where Spectrum already has a strong presence. This transaction
effectively moves Spectrum to the number two market position in terms of the
volume of 2D seismic data held worldwide.
* Investment of MUSD 42.4 in Multi Client libraries of which MUSD 2.4
organically (MUSD 3.7). Organic investment will increase substantially in Q4
with the startup of new acquisition operations in Brazil.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
[HUG#1564454]
Q3 presentation.pdf