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2015-04-24

Spectrum ASA: 1st Quarter 2015 Financial Results

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| Summary |
| |
| SPECTRUM GROUP |
| Quarter Quarter 12 months |
| ended ended ended |
| 31.03.15 31.03.14 31.12.14 |
| (USD 1000) (Unaudited) (Unaudited) (Audited) |
| |
| Net operating revenue 14 887 38 001 183 298 |
| |
| EBIT (4 303) 8 500 52 795 |
| |
| Net Profit / (Loss) (3 322) 5 958 38 229 |
| |
| Cash flow from operating activities 17 994 33 414 128 170 |
| |
| Investment in Multi-Client library 13 164 17 709 113 280 |
| |
| Multi-Client library Net book value 129 328 110 604 131 266 |
| |
| Cash and cash equivalents 17 670 17 369 8 364 |
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Q1 Highlights
* Net Multi-Client revenues in the quarter totaled MUSD 14.6 (2014: MUSD
37.3)
* Net Multi-Client revenues were comprised of late sales of MUSD 3.9 (2014:
MUSD 11.3), prefunding on Multi-Client investments of MUSD 7.4 (2014: MUSD
26.0) and other revenue of MUSD 3.4 (2014: MUSD 0.0).
* EBIT for the quarter was MUSD (4.3) (2014: MUSD 8.5)
* Multi-Client investments were MUSD 13.2 with 56.1% prefunding rate based on
costs incurred vs. net prefunding (2014: MUSD 17.7 with 146.6% prefunding)
* Operational cash flow before Multi-Client investments in Q1 was MUSD 18.0
(2014: MUSD 33.4)

"Spectrum provides innovative Multi-Client seismic surveys and high-quality

seismic imaging services to the global oil and gas industry from offices in
Norway, the UK, US, Brazil, Egypt, Australia, Indonesia and Singapore.
Spectrum's Multi-Client 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 has projects from many of the foremost oil producing regions
of the world. These include new acquisition, reprocessing and interpretation
reports."

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

SPU Q1 15 report
http://hugin.info/139450/R/1914162/683905.pdf
SPU Q1 15 presentation
http://hugin.info/139450/R/1914162/683906.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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

HUG#1914162

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