Spectrum Wins Seismic Processing Contracts

GGS reports that Spectrum has been awarded two significant processing contracts of a combined value of over US $1.5 million. The contracts will add positively to the expected Spectrum revenues during the second half of 2006.

One contract worth more than US $1 million is for the processing of 3,000 sq km of 3D data recently collected offshore in the Middle East. A second contract, worth more than US $500,000 is for processing 9,700 km of 2D data offshore Libya. Spectrum are also experiencing an increased demand for the higher technology depth imaging services from areas including North Sea & West Africa.

Morten Andersen, Chairman of the Board of GGS states: "I am very happy to see a development where Spectrum is being awarded larger projects. Our newly merged company now has a strong presence in many regions of the world and is well positioned to benefit from the considerable increase in demand for seismic data processing services in these regions."

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