Spectrum Ends 2015 in Loss

Norwegian multi-client seismic data specialist, Spectrum, has remained in red in the fourth quarter of 2015 after booking a net loss in the prior quarter on significant revenue drop.

The Oslo-listed company reported fourth-quarter net loss of USD 5.5 million on revenue of USD 42.0 million, versus net profit of USD 12 million on revenue of approximately USD 47.8 million in the prior-year quarter.

For the year 2015, Spectrum recorded net loss of USD 8.6 million, compared to net profit of USD 38.2 in 2014.

Full-year 2015 revenues were slashed about 40 per cent from USD 183.3 million in 2014 to USD 109.8 million.

Subsea World News Staff