Spectrum ASA: Exercise of options and issue of shares

World News: . []

Oslo, 8 August 2019

With reference to the announcement of 7 August 2019 confirming that the contemplated merger between Spectrum ASA ("Spectrum") and TGS-NOPEC Geophysical Company ASA ("TGS"), all outstanding options in Spectrum have vested and been exercised upon the merger becoming unconditional.

The board of directors of Spectrum has resolved, in accordance with the authorization granted by the general meeting on 24 May 2019, to issue 2,629,352 new shares to fulfil the company's obligations under the option agreements and thereby increasing the Spectrum's share capital by NOK 2,629,352. The shares were subscribed at a total subscription/exercise price of NOK 2,629,352.

Following the share capital increase, the share capital of Spectrum ASA will be NOK 57,414,455, divided into 57,414,455 shares, each with a par value of NOK 1. The share capital increase will be registered with the Norwegian Register of Business Enterprises (Nw.: ) as soon as practically possible after the share contribution has been fully paid.

The following primary insiders in Spectrum has subscribed for shares in Spectrum through their exercise of options:

For additional information about this press release, please contact:

Dean Zuzic; CFO Email: Cell: +47 414 33560

Company summary "Spectrum provides innovative Multi-Client seismic surveys and seismic imaging services to the global oil and gas industry from offices in Norway, the UK, USA, Brazil, Egypt, Australia, Indonesia and Singapore. Spectrum designs, acquires and processes seismic data to deliver high quality solutions through its dedicated and experienced workforce. Spectrum holds the world's largest library of Multi-Client 2D marine seismic data and a significant amount of 3D seismic. The company's strategy focuses on both the major, established hydrocarbon producing regions of the world as well as key frontier areas identified by our experienced team of geoscientists. The Spectrum library of Multi-Client data contains projects from many of the foremost oil producing regions of the world. These include new acquisition, reprocessing and interpretation reports".

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

More news and information about Spectrum ASA

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Globe Newswire: 08:36 GMT Thursday 8th August 2019

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