Spectrum returns to profit in Q4


Offshore seismic operator Spectrum has returned to profit in the fourth quarter, posting a net gain of $2.5 million that corresponded to a net loss of $5.5 million in the corresponding quarter of 2015.
For the full year, however, the seismic player recorded a $20 million loss, in comparison to an $8 million loss in 2015.
Spectrum said it does not expect the marine seismic market to improve significantly this year, with 2016 and 2017 representing the bottom of the current downcycle.
During the fourth quarter net multi-client revenues totalled $29.9 million, down from $41.9 million in 2015.
Spectrum said sales from the Multi-Client library and prefunding of new projects comprised the main revenue streams for the company and it was thus continuing to work on a pipeline of new Multi-
“We appreciate that attracting prefunding is more challenging in the current market vs previous periods, and our focus will be sales from our existing library and being prudent in terms of new Multi-Client investments decisions. Spectrum believes 2016 and 2017 will turn out to represent the trough in the current cycle…Spectrum sees a more attractive pipeline of Multi-Client investment projects entering 2017 compared to primo 2016,” the company said.


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