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News > Spectrum Announces Multi-Client Expansion

Spectrum Announces Multi-Client Expansion

  08/09/2009
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.
 

 

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)

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