Spectrum sees loss, lower revenues in 4Q
Spectrum, a seismic services market player, has reported a loss of $5.5 million in the fourth quarter of 2015, versus a profit of $12 million in the same period in 2014.
The seismic company’s revenues for the fourth quarter 2015 were $42 million, a drop when compared to $48 million profit in the corresponding period of 2014.
According to Spectrum, sales from the multi-client library and prefunding of new projects constitute the main revenue streams for the company and fund the operation and new investments in MC projects.
Spectrum has invested $174.6 million by the end of fourth quarter 2015, including the acquisition of the former Fugro library of $109 million. For comparison, Spectrum’s total investments for 2014 were $113.3 million.
In its 4Q report on Friday, Spectrum said that, given the current market conditions, it is of outmost importance to carefully evaluate all potential projects for pre-funding and sales potential.
Regarding outlook, the seismic company said: “Spectrum believes that there is an attractive project pipeline in place for 2016.”
Spectrum further says it is reducing operational cost for 2016 and the Board recommends that dividend will be considered in 4Q 2016.
Offshore Energy Today Staff