Spectrum Announces Multi-Client Expansion08/09/2009 |
| Spectrum's CEO and CFO gave a corporate presentation at the annual Pareto Securities Oil and Offshore conference in Oslo on 6th September 2009. This is the second time that Spectrum has been invited to present to an audience of industry analysts and prospective investors at this conference. |
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Spectrum talked confidently about the first full year of trading as an independent seismic service company. Rhys Edwards (CFO) provided the financial information illustrating positive cash flow in each of the four quarters reported since floatation in July 2008. David Rowland's (CEO) provided a corporate update including details of the new additions to Spectrum's multi-client library in 2009. Trading conditions remain tough in the seismic industry, but Spectrum anticipates the multi-client market to recover before the contract seismic market.
Rowlands also confirmed the closure of the deal with Global Tender Barges ASA (GTB) to redeem the NOK150 million loan at a price of NOK50 million, following the agreement signed in June 2009. Spectrum is positive about the future, particularly with USD10 million cash in the bank and no long term debt.
Other seismic companies presenting at the Pareto conference include PGS, CGG-Veritas, TGS and Polarcus.
Read more about: Offshore conference Seismic Website: http://oaxess.no/ Supplier: Spectrum ASA (Houston Office) More news from this supplier: Seabird Seismic Acquisition Deal Adriatic Multi-Client Survey Done 3D Multi-Client Merge Project Offshore Australia US East Coast Seismic Reprocessing Project Transatlantic Corporate Network Update 2D Multi-Client surveys Offshore South America Levantine Basin Seismic Analysis Validated Boost for Big Wave Expansion Australia's Largest MC 2D Seismic Library 3D Depth Imaging Technology Enhanced Award for Brazilian Hydrographic Paper Demonstrating "Deeper Understanding" First Real-Time Seafloor Earthquake Observatory Theme Hydrography Day 2012 International Cooperation Finistere and Mediterranean Bathymetric Lidar Surveys Precise Positioning For BP Vessels DP Inertial Navigation System for Drillship Plug-and-work Protocol Adopted Simulator Models Complex Sea Currents Monitoring the Shipwrecked Concordia 
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