Analysts Applaud Spectrum Multi Client Services
Spectrum received positive feedback from two prestigious Norwegian financial analysts following the recent presentation of its 4Q 2009 results in Oslo. Pareto Securities and First Securities have published independent reports that analyze Spectrum ASA's results, both focusing on Spectrum's ambitions and plans for investment and growth in its Multi Client library.
Pareto stated, "Spectrum is positioned for Multi Client expansion with the financial flexibility to grow both organically and strategically." The report continued to say that Spectrum is aiming to capitalize on a window of opportunity in the 2D Multi Client seismic survey market and expects to increase investment by 50% in 2010.
First Securities views Spectrum's Multi Client expansion plans as "well timed" as oil companies increase frontier exploration efforts.
During the 1Q Oslo presentation, Spectrum announced plans for two Multi Client projects offshore US, both to be launched during the first half of 2010. In the eastern Gulf of Mexico, the fourth phase of its expansive Big Wave seismic program is scheduled to commence in March / April and will probably utilize a third party vessel for the marine acquisition. Big Wave Phase 4 will acquire an additional 12,000 km of high quality long offset seismic data which it will process with both pre stack time and depth migration.