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2017-01-24

CORRECTION: Announcement of competing voluntary offer by Spectrum ASA to acquire MultiClient Geophysical ASA

This is a correction of the announcement from 17:00 24.01.2017 CET. Reason for the correction:
Oslo 24 January 2017 - Reference is made to the voluntary offer on MultiClient
Geophysical ASA launched by Geoex Limited on 19 January 2017 (the "Geoex
Offer").

Spectrum ASA ("Spectrum", the "Company", ticker code: "SPU") is pleased to
announce a competing voluntary offer ("the Offer") to acquire all the issued
and outstanding shares in MultiClient Geophysical ASA ("MCG") at a
consideration of NOK 1.25 per share ("the Offer Price"). The Offer values the
total share capital of MCG at NOK 116 million. The Offer Price represents a
premium to the Geoex Offer of approximately 19% vs. the announced cash
consideration of NOK 1.05 per share payable upon completion of the
transaction and a 4% premium to the total announced consideration of NOK
1.20, including the deferred payment of NOK 0.15 per share.

The Offer Price represents 16% premium to the closing price on the Oslo Axess,
immediately before the announcement of the Geoex offer, and a premium of 67%
and 69% respectively to the volume weighted average share prices in the three
and six month periods ending before announcement of the Geoex Offer on 22
December 2016.

Indicative timetable for the Offer

The Company is in the process of finalising an offer document setting out the
complete terms of the Offer (the "Offer Document"). The Offer Document will
be sent to MCG's shareholders as soon as it has been reviewed and approved by
the Oslo Stock Exchange, and will also be made available at
www.spectrumgeo.com and www.danskebank.no/spectrum.

The offer period (the "Offer Period") is expected to commence early February
2017, pending approval from the Oslo Stock Exchange. The Offer Period is
expected to be 2 weeks (unless extended). The Offer Period may be extended,
one or several times.

Compulsory acquisition and delisting

Upon the completion of the Offer, Spectrum intends to proceed with a
compulsory acquisition of the remaining shares in MCG. In connection hereto,
the Offeror will seek to have the MCG shares delisted from the Oslo Stock
Exchange.

Conditions for Completion of the Potential Offer

The completion of the Offer is expected to be subject to identical or similar
conditions as the Geoex Offer, including:

1 Valid acceptances in respect of a number of shares of MCG which exceeds 90%
of the shares and votes in MCG on a fully diluted basis;
2 No change, effect, development or event that is or would reasonably be
expected to have a material adverse effect on the financial condition,
business assets, or results of operations of MCG group having occurred;
3 MCG having conducted its business in the ordinary course;
4 All necessary approvals from competition authorities being obtained (if
applicable);
5 No material litigation having been initiated or threatened against the MCG
group which if adversely determined would reasonably be expected to result
in a material adverse change;
6 No court or other governmental or regulatory authority having taken any
legal action that is in effect and restrains or prohibits the consummation
of the Offer and;
7 The board of MCG having issued a recommendation of the Offer and that such
recommendation has not been amended or withdrawn without the consent of
Spectrum.

The Offer will be financed by cash at hand and available credit facilities.
The Offer will not be made subject to any financing condition.

Further information

The information in this announcement is not intended to be exhaustive. For
further information explicit reference is made to the Offer Document which
will contain further details regarding the Offer. The MCG shareholders are
advised to review the Offer Document in detail once published. In addition,
the Board of Directors of MCG is expected to make a statement regarding the
Offer at least one week prior to the expiry of the offer period.

Advisors:

Danske Bank is acting as financial advisor to Spectrum and will act as
receiving agent for the Offer. Advokatfirmaet Haavind is acting as legal
adviser to Spectrum.

For further information, please contact:

Rune Eng; CEO and President
Email:Rune.Eng@Spectrumgeo.com

Mobile phone: +47 91 57 09 45

Henning Olset; CFO
Email:Henning.Olset@Spectrumgeo.com

Mobile phone: +47 92 26 69 48

Sondre Vevstad; Danske Bank
Email:sondre.vevstad@danskebank.com

Mobile phone: +47 93 65 45 55

About Spectrum

Spectrum provides innovative Multi-Client seismic surveys and seismic imaging
services to the global oil and gas industry from offices in Norway, the UK,
USA, Brazil, Egypt, Australia, Indonesia and Singapore. Spectrum designs,
acquires and processes seismic data to deliver high quality solutions through
its dedicated and experienced workforce. Spectrum holds the world's largest
library of Multi-Client 2D marine seismic data and a significant amount of 3D
seismic. The company's strategy focuses on both the major, established
hydrocarbon-producing regions of the world as well as key frontier areas
identified by our experienced team of geoscientists. The Spectrum library
of Multi-Client data contains projects from many of the foremost oil
producing regions of the world.
These include new acquisition, reprocessing and interpretation reports.

Important Information about this release
The Offer will not be made in any jurisdiction in which making of the Offer
would not be in compliance with the laws of such jurisdiction. This
announcement does not in itself constitute an offer. The Offer will only be
made on the basis of the Offer Document and can only be accepted pursuant to
the terms thereof.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Spectrum ASA via Globenewswire

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