Spectrum to Report Lower Revenue

Norwegian multi-client seismic data specialist, Spectrum, said it expects to report net revenues of approximately USD 18 million for the quarter, compared to USD 53 million same time last year.

Based on preliminary figures for Q3 2015, Spectrum expects a positive net cash-flow of USD 13 million in Q3 2015, a cash balance of USD 30 million and secured net interest bearing debt of approximately USD 45 million as of September 30, 2015.

As a reminder, 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.

Spectrum CEO, Rune Eng, said: “Despite the enlarged library and increased sales effort the revenue in Q3 was a disappointment. Ongoing negotiations for late sales were pushed into Q4 and due to reduced Q3 MC investments the early sales recorded was low. The major part of sales in Q3 is late sales. Based on the ongoing discussions with Oil Companies and the normal Q4 seasonality Spectrum expects an improvement in late sales during Q4 2015.”