Spectrum ASA: Tax credits

Oslo, Norway, October 3(rd) 2016.

Spectrum will recognize approx. USD 8.7m in tax credits in Brazil as "other revenue" in Q3 2016.
Due to changes in regulations and new established processes in Brazil, Spectrum has been able to file credits for certain transaction taxes related to investments made in Brazil for the period 2011 to 2015. Spectrum will recognize the credits claimed, adjusted for corporate tax effects for the same years and any exchange variations, as "other revenue". The credits for 2016 will be filed in Q4 2016 and will follow the same principles. The credits will be used to partially offset Spectrum's tax payments in Brazil going forward.

For further information, please contact:

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 Corporate Solutions on behalf of Nasdaq 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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