Spectrum Books Loss

Norwegian multi-client seismic data specialist, Spectrum, has slid into the red following lower revenue warning earlier this month.

The Oslo-listed company reported third-quarter net loss of USD 5.1 million on revenue of USD 18.2 million, versus net income of USD 13.7 million on revenue of approximately USD 53 million in the prior-year quarter.

For the first nine months of 2015 Spectrum recorded net loss of USD 3.1 million, compared to net profit of USD 26.2 same time late year.

9-months 2015 revenues were slashed in half from USD 135.4 million in Q3 2014 to USD 67.8 million.

Earlier in October, Spectrum CEO, Rune Eng, said that ongoing negotiations for late sales were pushed into Q4 and due to reduced Q3 multi-client investments the early sales recorded was low and that the major part of sales in Q3 were late sales. However, he also noted that Spectrum expects an improvement in late sales during Q4 2015.