Red ink for Spectrum

Spectrum, a Norwegian provider of multi-client seismic data, sank to a loss of $10.99 million during the second quarter of 2016 compared to a profit of $5.29 million in the year-ago quarter. 

In July this year, the seismic services market player warned it expected lower revenues due to lower investment level during the quarter.

The company on Friday posted net multi-client revenues of $13.2 million for 2Q 2016, compared to $34.5 million in the prior-year quarter.

Prefunding recognized in the quarter was $5.4 million, compared to $2.6 million in the same period last year. Spectrum’s late sales ended at $7.8 million, versus $31.9 million in 2Q 2015.

The company’s total net operating revenue for the 2Q 2016 dropped to $13.6 million from $34.7 million in the same period last year.

Offshore Energy Today Staff

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