Spectrum Posts Profit Drop

Norwegian seismic contractor Spectrum has reported a decline in profit in the second quarter 2015 on a year-on-year basis as revenues dropped some 23 per cent compared to revenues same time last year.

Nevertheless, the Oslo-listed company bounced back to profit on a quarterly basis after taking a net loss of $3.3 million in the first quarter this year.

In the second quarter of 2015, Spectrum generated revenue of $34.7 million, compared to $44.6 million in the corresponding period in 2014.

Second-quarter net profit was at $5.3 million, versus $6.6 million in the year-ago period.

In addition, Spectrum has completed the acquisition of the Fugro multi-client library in June 2015, marking a total investment in this area at $120 million during Q2 and boosting its multi-client library net book value to $233 million. Spectrum’s investment of $133.4 million in the first half of 2015 were more than the investments for the full year 2014.