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2015-04-24

Spectrum ASA: Spectrum announced has entered into a cooperation agreement with Schlumberger to acquire 50% ownership in Spectrum's Pelotas multiclient program.

OSLO, April 24th, 2015-Spectrum announced today that it entered into a
cooperation agreement with Schlumberger, the world's leading provider of
oilfield services to the upstream E&P industry, to acquire 50% ownership in
Spectrum's Pelotas multiclient program. The cooperation agreement includes
more than 30,000 km of regional 2D seismic data in the new frontier Pelotas
Basin, offshore Brazil.

The program includes the recently acquired Pelotas Phase 1 seismic
acquisition, comprising 7,438 km of 2D data. Pelotas Phase 2, currently being
acquired, consists of up to 12,000 km of 2D data and more than 12,000 km of
recently reprocessed regional 2D data.

The Pelotas Basin is an untapped hydrocarbon province comprising a 280,000-km2
passive margin located on the southeast coast of Brazil, bordering Uruguay to
the south. Spectrum and Schlumberger will provide more than 30,000 km of data
to the industry prior to the anticipated offering of the Pelotas Basin in the
upcoming Bidding Round 13.

For more information or questions, please contact

Jan Schoolmeesters, COO, Spectrum ASA
Email:jan.schoolmeesters@spectrumgeo.com
Tel: +47 23 01 49 64, Cell: +47 91 77 79 61

About Spectrum
"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.

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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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