Spectrum ASA : 09-Oct-2015 Spectrum ASA: Q3 2015 Update

Spectrum ASA: Q3 2015 Update

(2015-10-09T07:15:00 CET)

Oslo, Norway October 9^th 2015. 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 30^th September 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Regarding Spectrum's current bank facilities the covenant NIBD / 12 months EBIT has been replaced by NIBD / 12 months EBITDA less MC Capex.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 1^st 2015.

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 3^rd quarter 2015 financial results on the 30^th of October 2015.

For further information please contact:

Henning Olset
, CFO
Mobile: [phone]
E-mail: [e-mail]

Rune Eng, CEO
Mobile: [phone]
E-mail: [e-mail]

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

Q3 2015 Update

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