Norwegian multi-client seismic data specialist, Spectrum, has remained in red in the first quarter of 2016 despite revenue boost of some 22 per cent.

The Oslo-listed company reported first-quarter net loss of USD 7.9 million or 15 cents per share on revenue of USD 18.2 million, compared to prior-year quarter net loss of USD 3.3 million (8 cents per share) on revenue of approximately USD 14.9 million.

Revenue from multi-client sales was 98.2 per cent of total revenue in the first quarter of 2016, up by some 23 per cent versus Q1 2015.

However, for the first quarter 2016, Spectrum booked amortisation of multi-client library of USD 18.1 million, versus USD 10.6 million in Q1 2015.

During Q1 2016, Spectrum invested USD 27.7 million, up from USD 13 million same time last year . The company’s net book value of the multi-client library at end Q1 2016 was USD 230.3 million compared to USD 129 million in the corresponding period in 2015.

The company’s board has recommended that dividends should be considered in Q4 2016, after amortization of the current loan facility in Q2 and Q3.

Spectrum’s largest shareholders as at April 14, 2016 were private equity firms Altor Invest 1 and Altor Invest 2, each holding 15 per cent of the company.

Subsea World News Staff