NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, SWITZERLAND OR THE UNITED STATES

Oslo, 24 July 2015

Reference is made to the previous stock exchange notices and the prospectus dated 3 July 2015 (the "Prospectus") concerning, inter alia, the subsequent offering (the "Subsequent Offering") of minimum 1 and maximum 1.500.000 new shares (the "Offer Shares") in Spectrum ASA
(the "Company" or "Spectrum", ticker "SPU").

The subscription period for the Subsequent Offering ended on 23 July 2015, at 16:30 CET.

In total, 122.478 Offer Shares were subscribed for at a subscription price of NOK 32 per share. Based on the subscriptions received and allocation principles as set out in the Prospectus, the Board of Directors will allocate and issue 122.478 new shares, raising gross proceeds of NOK 3.919.296.

The subscribers who were allocated shares will receive a letter confirming the number of shares allocated and the corresponding amount to be paid by each subscriber. The letters will be distributed today. Payment for the allocated shares falls due on 27 July 2015.

The new shares may not be transferred or traded before they are fully paid and the share capital increase has been registered with Norwegian Register of Business Enterprises, which is expected to take place on or about 28 July 2015. The new shares are expected to be delivered to the subscribers in Subsequent Offering on or about 29 July 2015 and be listed and tradable on Oslo Børs on or about 29 July 2015.

Following the registration of the new share capital, the Company will have 53.449.103 shares outstanding, each with a nominal value of NOK 1.

For further information, please contact:

Henning Olset
; CFO
Henning.Olset
@Spectrumgeo.com
Mobile phone: +47 92 26 69 48
***

Important information about this disclosure

This disclosure does not constitute an offer of solicitation to purchase or subscribe for securities in the United States or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

The securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended. Spectrum does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into Australia, Switzerland or the United States.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Spectrum believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.

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

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