Spectrum Trims Loss on Higher Revenue
Norwegian multi-client seismic data specialist, Spectrum, has reported a loss of $3.7 million in the first quarter of 2017 compared to a loss of $7.9 million in the first quarter of 2016.
The Oslo-listed company recorded net operating revenues of $25.3 million in the Q1 compared to $18.2 million in the prior-year quarter.
Revenue from multi-client sales was 99.9% of total revenue in the first quarter of 2017.
Net multi-client revenues increased 41% against Q1 2016.
Operating expenses were $6 million compared to $6.3 million in the Q1 2016.
The company reported total assets of $309.6 million, down from $313.7 million at the end of Q4 2016.
In it’s quarterly earnings report, Spectrum said it sees a more attractive pipeline of multi-client investment projects in 2017 compared to the pipeline of projects in 2015 and 2016.
Subsea World News Staff