Spectrum Posts Profit Drop

Norwegian seismic contractor Spectrum has reported a decline in profit in the second quarter 2015 on a year-on-year basis as revenues dropped some 23 per cent compared to revenues same time last year.

Nevertheless, the Oslo-listed company bounced back to profit on a quarterly basis after taking a net loss of $3.3 million in the first quarter this year.

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, versus $6.6 million in the year-ago period.

In addition, Spectrum has completed the acquisition of the Fugro multi-client library in June 2015, marking a total investment in this area at $120 million during Q2 and boosting its multi-client library net book value to $233 million. Spectrum’s investment of $133.4 million in the first half of 2015 were more than the investments for the full year 2014.

Subsea World News Staff

Share this article

Follow Subsea World News

Twitter
Facebook
Newsletter
RSS

<<	Jan 2016	>>
M	T	W	T	F	S	S
28	29	30	31	1	2	3
4	5	6	7	8	9	10
11	12	13	14	15	16	17
18	19	20	21	22	23	24
25	26	27	28	29	30	31

Jan 2016

2nd Annual Offshore Power Cable Engineering and Reliability Forum

27/01/2016 - 28/01/2016

This exclusive BIS forum will showcase an analytical insights into how industry leaders are reducing risk and improving efficiency during offshore power cable installation. Participants will learn how to increase cable integrity and manage cost during offshore projects. This interactive forum will explore effective and safe maintenance of offshore cables in deeper, harsher environments. With a two day intimate forum followed by half a day workshop, joining together key industry professionals to discuss, brainstorm, share experience and partake in exclusive networking sessions in a flexible and dynamic platform – together shaping the future of the market.

As Europe strives to meet its 2020 renewable targets the need for infrastructure increases and the integration of renewable energy into the European grid along with the necessity for trade is of huge importance. HVDC offshore cables are a vital investment; both of time and money, and any challenges arising could result in operational and financial losses. An insight on how to efficiently cope with the changes and keeping up with market trends is needed.

This BIS GROUP Forum will allow leading electricity cable and interconnection players to exchange and discuss experience on reliable offshore power cable monitoring, protection strategies, repair and installation technologies that are vital for operating in cost-efficient manner. The forum will also provide solutions and strategies on how to overcome the challenges of laying and installing of offshore power cables in deep water / far offshore.

KEY TOPICS INCLUDE: