Spectrum Posts Quarterly Loss

Norwegian multi-client seismic data specialist, Spectrum, has reported a loss of $10.99 million in the second quarter of 2016 compared to a profit of $5.29 million in the second quarter of 2015.

The Oslo-listed company recorded net multi-client revenues of $13.2 million in the Q2 compared to $34.5 million in the prior-year quarter.

Operating expenses were $ 5.8 million compared to $ 9.2 million in the Q2 2015.

“The decrease is mainly due to reduction in headcounts and an ongoing cost reduction program targeted at specific cost categories,” Spectrum said.

Spectrum’s total net operating revenue in the second quarter 2016 decreased to $13.6 million from $34.7 million in the same quarter last year.

Subsea World News Staff