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

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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