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2016-10-27

Spectrum ASA: 3rd Quarter 2016 Financial Results

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| SPECTRUM GROUP |
| Quarter Quarter 9 months 9 months 12 Months |
| ended ended ended ended ended |
| 30.09.16 30.09.15 30.09.16 30.09.15 31.12.15 |
| (USD 1000) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) |
| |
| Net operating revenue 20 447 * 18 203 52 273 67 833 109 844 |
| |
| EBIT (2 478) (5 194) (19 097) (797) (5 169) |
| |
| Net Profit / (Loss) (3 985) (5 123) (22 807) (3 160) (8 654) |
| |
| Cash flow from operating activities 2 844 27 247 40 819 60 198 98 199 |
| |
| Investment in Multi-Client library 8 050 13 032 43 197 146 895 174 618 |
| |
| Multi-Client library Net book value 212 120 231 067 212 120 231 067 220 686 |
| |
| Cash and cash equivalents 7 649 29 458 7 649 29 458 23 373 |
| |
| * includes other revenue related to tax credit in Brazil of MUSD 8.7 |
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Q3 Highlights
* Net Multi-Client revenues in the quarter totaled MUSD 11.4 (2015: MUSD
18.0)
* Net Multi-Client revenues were comprised of late sales of MUSD 9.7 (2015:
MUSD 16.2), prefunding on Multi-Client investments of MUSD 1.5 (2015: MUSD
1.8) and other revenue of MUSD 0.2 (2015: MUSD 0.0)
* EBIT for the quarter was MUSD (2.5) (2015: MUSD (5.2))
* Multi-Client investments were MUSD 8.1 with 18.9% prefunding rate (2015:
MUSD 13.0 with 13.8% prefunding rate)
* Operational cash flow of MUSD 2.8 (2015: MUSD 27.2)
* Other revenue of MUSD 8.7, based on transaction tax credits filed in
Brazil, booked in the quarter

9 months Highlights
* Net Multi-Client revenues totaled MUSD 42.5 (2015: MUSD 67.1)
* Net Multi-Client revenues were comprised of late sales of MUSD 23.0 (2015:
MUSD 52.0), prefunding on Multi-Client investments of MUSD 16.2 (2015: MUSD
11.8) and other revenue of MUSD 3.4 (2015: MUSD 3.4).
* EBIT was MUSD (19.1) (2015: MUSD (0.8))
* Multi-Client investments were MUSD 43.2 with 37.4% prefunding rate (2015:
Multi-Client investments were MUSD 146.9. Investments in new acquisitions
were MUSD 37.9 with 31.1% prefunding rate)
* Operational cash flow was MUSD 40.8 (2015: MUSD 60.2)

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

Q3 2016 Financial Report
http://hugin.info/139450/R/2051799/767737.pdf
Q3 2016 Presentation
http://hugin.info/139450/R/2051799/767736.pdf

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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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