Spectrum ASA : Q2 2016 Financial Update

Oslo, Norway, July 12^th 2016.
Based on preliminary figures for Q2 2016, Management expects to report Net Revenues of approximately USD 14 million for the quarter (USD 35 million in Q2 2015).

Rune Eng comments:

"The revenue in Q2 was below our expectations.
Although the number of sales leads increased compared to the previous quarter, the selective and drawn-out procurement process in oil companies resulted in some late sales negotiations not being concluded this quarter. Early sales were reduced due to a lower investment level in the quarter. We expect sales revenue continues to be volatile.

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

For further information please contact:

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

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

This information is subject to the disclosure requirements pursuant to section 5-12 of the 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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