Spectrum, a seismic services market player, is bracing for lower than expected revenues in the second quarter of 2016.
Based on preliminary figures for 2Q 2016, the company expects to report net revenues of approximately $14 million for the quarter, compared to $35 million in the same period last year.
Rune Eng, Spectrum President & Chief Executive Officer, comments: “The revenue in Q2 was below our expectations. Although the number of sales leads increased compared to the previous quarter, the selective and drawn-out procurement process in oil companies resulted in some late sales negotiations not being concluded this quarter.”
Eng added: “Early sales were reduced due to a lower investment level in the quarter. We expect sales revenue to continue to be volatile.”