Good morning and welcome to Carbon Transition's Q3 2022 earnings release. My name is Nils Haugestad. I'm the company's Interim CEO and CFO. With the quarter, we're reporting a multi-client late sale of $1.6 million in the Gulf of Suez. This is a sale that came significantly earlier than anticipated and very shortly after the data processing was completed. We have a fair value of the multi-client library of $31.9 million and a fair value of investments of $11.1 million. This includes $2 million of an investment we did in Dolphin Drilling in the period. We also wanna note in regards to Britishvolt that they are in the process of working on financing. This is a challenging financing environment.
They are reporting that they have secured near-term financing and are working on longer-term financing solutions. This is under review on our side. In the quarter, we also repurchased $0.5 million of our own shares. We're reporting cash earnings of $1.2 million for the quarter and have available liquid funds of $8.3 million. The net asset value is $1.97 per share. With regards to our business portfolio, we have a high-value seismic business, and we're working actively on maximizing value of these operations. On the one hand, we are specializing in multi-client data for near-field exploration. This is where production infrastructure is in place. In these instances, E&P companies are in need of high-quality seismic data to unlock potential in the acreage they hold.
It's also an area where resources can be developed with lower cost and often environmental impact and emissions that are better. In addition to that, we have an asset sale agreement with Magseis Fairfield. This was in Q1 of this year, and this is the sale of our node deployment equipment. With regards to that, we have an earn-out of $12 million over a 3-year period. There's a floor payment of $1.5 million. We're starting to see an improving market outlook for that. With regards to the seismic market, we are seeing significant improvements in the market conditions. EU energy security is emerging as a significant item, and we believe that this is very positive for the North Sea investments.
We are seeing licensing rounds, M&A activity, new entrants, and also increased drilling activity, in particular near existing infrastructure. We believe that this will support the multi-client revenues. We believe that when it comes to the mature and producing areas, that these are the areas that will attract investments early in the upcycle, and we're certainly seeing an upcycle at this point. We are witnessing in the Middle East some significant expenditures, both in the Persian Gulf, also in the Mediterranean and in the Red Sea. We believe the activity around this will end up benefiting our Egyptian asset as well, so we are bullish about that. Of course, we're seeing a number of drilling campaigns underway, both in the Gulf of Suez and in the Utsira area.
With respect to the multi-client portfolio, we have the Utsira survey in the Norwegian North Sea. It has an estimated fair value of $21.9 million at this point. It's a near field survey located to the west of the Utsira High, and it covers approximately 2,000 square kilometers of highly prospective acreage. This is the largest survey of its kind in the region, and we're very bullish about this. In the survey area, there are a number of important fields, including Edvard Grieg, Ivar Aasen, Balder, Gina Krog, Gudrun, and Johan Sverdrup. Of course, in addition to that, there are a number of undeveloped discoveries and prospects as well. This is a survey that's being actively used by the operators in the area to look at improving the understanding of the subsurface.
With regards to Egypt, we have the Gulf of Suez survey that's carried in our books at the moment at $9.9 million. We just had our first sale, as mentioned, of $1.6 million now in this quarter. There are drilling campaigns underway in the area, so we are excited about that. This is historically a prolific petroleum basin. It's been challenged by complex geology and the presence of salt bodies, and this survey was structured specifically to try to address those issues. It's a survey that was acquired in 2020, and where processing was recently completed. It's something we did together with Schlumberger and supported by Neptune Energy.
It's about 300 square kilometers in the Gulf of Suez. This is a hybrid survey, both with ocean bottom nodes and with short 3D streamers. In this quarter, we also made an additional investment for the investment portfolio. We invested $2 million in Dolphin Drilling. At the end of Q3 , the company had a share price of NOK 11.85 million, and we've seen significant appreciation that share price subsequent to quarter end. This is a company that provides drilling services to harsh environment and mid-water markets for oil and gas industry. They completed an equity private placement in September of this year. It raised $45 million. It was a transaction that was upsized because of strong demand.
Financing is gonna be used for Special Periodic Survey to mobilize the Blackford Dolphin rig and also to reactivate the Borgland Dolphin, and then general corporate purposes. The company has announced a 12-month contract for Blackford Dolphin in Nigeria, and that's an estimated value of $96 million. We believe the general sentiment we have on the energy space is also true for Dolphin Drilling, and that they will be benefiting from the same trends that our seismic services will be benefiting. The company listed on Euronext Growth in October of this year. Looking at the net asset value, the largest asset in the company is the legacy business. Here we have the multi-client library at NOK 1.47 million per share.
We have the financial assets, which is the earn out agreement with Magseis Fairfield at NOK 0.14 million per share. The legacy business at NOK 1.61 million per share. The investments at $11.1 million, that represents NOK 0.51 million per share. That includes Dolphin Drilling in this quarter. The investment portfolio is then down $1.4 million relative to the previous quarter, and total investment in the portfolio has been $11.9 million. We have net current liabilities of then NOK 0.15 million per share, which gives us a total net asset value per share of NOK 1.97 miilion. On the income statement side, revenues of $1.6 million, which is the Gulf of Suez sale, as mentioned.
We have changes in fair value, which is a non-cash adjustment to the portfolio of -$3.4 million. A cost of sale of $0.2 million. That includes a non-cash reclassification of $150,000, which is then being added into net financial expense further down. Cost of sales, excluding that, is only about $40,000 for the period. Selling general administrative expenses of $0.4 million. We're starting to amortize the Gulf of Suez survey this quarter, so we have amortization of $1.4 million, which is $0.7 million for Utsira and $0.7 million for the Gulf of Suez, which leads to a -$3.7 million operating profit.
Net financial expenses of $0.1 million, and that includes then the non-cash reclassification income of $150,000. Takes us to a loss of $3.8 million for the period. On the cash basis, cash earnings for the period is positive $1.2 million. On the balance sheet side, we have multi-client library $31.9 million, which is then the Utsira survey $21.9 million, and the Gulf of Suez at $9.9 million. Investments at $11.1 million. Then we have the financial assets, which is the net present value of the node equipment earn-out agreement at $3 million. Trade receivables at $1.6 million, and this was then collected subsequent to quarter end. Cash and cash equivalents of $1.6 million.
We have equity of NOK 42.8 million, which gives us an equity ratio of 86.8%. Taxes payable of NOK 2.3 million, and this relates to Egypt. In the other current liabilities of NOK 4.2 million, $3.9 million of that also relates to the Egyptian taxes outstanding, which gives us a total equity and liability of NOK 49.3 million, a net asset value per share of NOK 1.97 million, as mentioned, and then available liquid funds of $8.3 million. On the cash flow side, cash from operations of positive NOK 1.3 million. On the investing activity side, we used $0.5 million to repurchase our own shares. We've mentioned that before, and we'll continue that effort when appropriate.
We also made the $2 million investment in Dolphin Drilling, which takes us to a net change in cash of -$1.1 million. On the outlook, we believe that the global uncertainty is likely to result in continued volatility in energy prices. We do expect that oil and gas prices will remain at historical highs for the foreseeable future, and that this will encourage capital expenditures in that oil and gas sector. We believe this focus on reliable energy will remain a focal point and that it will also support capital investment. We have a cautious statement in there, and that is there tends to be a lag effect between when these things happen and when we see revenues on the oil services side.
We think that we should expect a delay before we see all the benefits from this. There is general market volatility. I think that that's going to be high given the economic outlook. This results in a much more challenging financing market, and that of course is a concern to our investment portfolio. On the other hand, we believe that there is a meaningful upside in a number of these investments and that that balances that risk. We expect to receive future multi-client late sales, and that will increase our cash balance, and we will use that as investable capital. We will certainly continue to evaluate new investment opportunities within the broader strategic focus that we announced previously.
Equally importantly, as we've shown in this quarter, we will consider share repurchases and/or dividends, when we believe that's to the benefit of shareholders. We appreciate you taking the time to listen in this morning. If you have any questions, please feel free to reach out. Thank you very much.