Spectrum ASA: Amendments to the bank facilities

Spectrum ASA ("Spectrum") has yesterday afternoon entered into an agreement to amend the amortization schedule on the company's term loan facility. With the new repayment schedule the term loan is amortized USD 10 million in 2Q 2016, USD 10 million in 3Q 2016 and USD 15 million in 1Q 2017 vs. previous amortization schedule of USD 15 million in 2Q 2016 and USD 20 million in 3Q 2016.

In addition, Spectrum has obtained a waiver for the NIBD/EBITDA - MC capex covenant for 2Q 2016.
Based on preliminary figures for 2Q 2016, Management expects to report a cash balance of approximately USD15 million after the 2Q 2016 term loan payment of USD 10 million.

CEO Rune Eng comments:
"Oil companies continued to be very selective on spending in 2Q 2016 in spite of the increased oil price. Even though there are signs of increasing activity in the market, it's still too early to draw a positive conclusion. The updated amortization schedule gives Spectrum increased flexibility and headroom even if the markets remain subdued."

Spectrum will report the 2(nd) quarter 2016 financial results on the 12(th) of August 2016.

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 of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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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