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2015-10-09

Spectrum ASA: Q3 2015 Update

Oslo, Norway October 9th2015. Based on preliminary figures for Q3 2015,
Management expects to report Net Revenues of approximately USD 18 million for
the quarter (USD 53 million in Q3 2014).

Spectrum expects a positive net cash-flow of USD 13 million in Q3 2015, a cash
balance of USD 30 million and secured Net Interest Bearing Debt of
approximately USD 45 million as of 30thSeptember 2015.

Regarding Spectrum's current bank facilities the covenant NIBD / 12 months
EBIT has been replaced by NIBD / 12 months EBITDA less MC Capex. MC Capex in
the calculation is excluding the acquisition of the Fugro MC library. The
new covenant is a measurement more aligned with the cash-flow in the Spectrum
business model. This covenant will be calculated and reported for the first
time by end Q4 2015. All other terms in the bank facilities are unchanged
and as described in the investor presentation announced at the Oslo Stock
Exchange June 1st2015.

Rune Eng comments:

"Spectrum expects to invest a total of about USD 270 million in 2014 and 2015
combined including the acquisition of the Fugro MC Library. Despite the
enlarged library and increased sales effort the revenue in Q3 was a
disappointment. Ongoing negotiations for late sales were pushed into Q4 and
due to reduced Q3 MC investments the early sales recorded was low. The major
part of sales in Q3 is late sales. Based on the ongoing discussions with Oil
Companies and the normal Q4 seasonality Spectrum expects an improvement in
late sales during Q4 2015. Spectrum will increase the organic investments in
Q4 with new MC projects in Mexico, Turkey, Australia and Somalia, all with
satisfactory prefunding.

Spectrum has a flexible business model , our MC investment in Q3 was low and
hence our cash-flow was positive despite limited sales".

Spectrum will report the 3rdquarter 2015 financial results on the 30thof
October 2015.

For further information please contact:

Henning Olset, CFO
Mobile: +47 92 26 69 48
E-mail:henning.olset@spectrumasa.com

Rune Eng, CEO
Mobile: +47 91 57 08 45
E-mail:rune.eng@spectrumasa.com

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

Q3 2015 Update
http://hugin.info/139450/R/1957712/713302.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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