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2015-08-21

Spectrum ASA : 2nd Quarter 2015 Financial Results

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| SPECTRUM GROUP |
| Quarter Quarter 6 months 6 months 12 Months |
| ended ended ended ended ended |
| 30.06.15 30.06.14 30.06.15 30.06.14 31.12.14 |
| (USD 1000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) |
| |
| Net operating revenue 34 743 44 590 49 630 82 591 183 298 |
| |
| EBIT 8 701 10 007 4 397 18 507 52 795 |
| |
| Net Profit / (Loss) 5 286 6 606 1 964 12 565 38 229 |
| |
| Cash flow from operating activities 15 199 27 676 33 193 61 088 128 170 |
| |
| Investment in Multi-Client library 120 244 38 266 133 408 55 975 113 280 |
| |
| Multi-Client library Net book value 233 364 125 366 233 364 125 366 125 366 |
| |
| Cash and cash equivalents 17 445 373 17 445 373 8 364 |
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Q2 Highlights
* Spectrum completed the acquisition of the Fugro Multi-Client library
* Net Multi-Client revenues in the quarter totaled MUSD 34.5 (2014: MUSD
43,8)
* Net Multi-Client revenues were comprised of late sales of MUSD 31.9 (2014:
MUSD 18.0) and prefunding on Multi-Client investments of MUSD 2.6 (2014:
MUSD 25.8)
* EBIT for the quarter was MUSD 8.7 (2014: MUSD 10.0)
* Multi-Client investments were MUSD 120.2. Investments in new acquisitions
were MUSD 11.5 with 22.7% prefunding rate (2014: MUSD 38,3 with 67.4%
prefunding)
* Operational cash flow before Multi-Client investments in Q2 was MUSD 15.2
(2014: MUSD 27.7)

6 months Highlights
* Net Multi-Client revenues totaled MUSD 49.1 (2014: MUSD 81.1)
* Net Multi-Client revenues were comprised of late sales of MUSD 35.8 (2014:
MUSD 29.4), prefunding on Multi-Client investments of MUSD 10.0 (2014: MUSD
51.8) and other revenue of MUSD 3.4 (2014: MUSD 0.0).
* EBIT was MUSD 4.4 (2014: MUSD 18.5)
* Multi-Client investments were MUSD 133.4. Investments in new acquisitions
were MUSD 24.8 with 40.3% prefunding rate (2014: MUSD 56.0 with 92.5%
prefunding)
* Operational cash flow before Multi-Client investments was MUSD 33.2 (2014:
MUSD 61.1)

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

Spectrum Q2 Earnings Report
http://hugin.info/139450/R/1946807/706657.pdf
Spectrum Q2 Presentation
http://hugin.info/139450/R/1946807/706658.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

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