4th Quarter and full year 2015

Results Unaudited

February 12th 2016

CAUTIONARY STATEMENT

This presentation contains both statements of historical fact and

forward looking information. Any forward looking information is based

on management assumptions and analysis and are subject to risks and

uncertainties that are difficult to predict as they relate to events and/or

circumstances in the future.

Actual results and events may differ materially from those expected or

projected in the forward looking statements. Spectrum undertakes no

responsibility or obligation to update or alter forward looking

statements.

This presentation should be read in conjunction with the 4th quarter

2015 Earnings Release issued by Spectrum February 12th 2016.

Q4 2015 Highlights

Q4-15 Q4-14 Change

Net Revenue MUSD 42 MUSD 48 -12%

EBITDA MUSD 35 MUSD 42 -18%

EBIT MUSD (4) MUSD 17 -126%

• Q4 2015 MC investments of MUSD 28, down from MUSD 30 Q4 2014

• Amortization rate of 52% in the quarter

• Including impairments 91%

• Net cash of MUSD 23.4 end of quarter

Q4 2015 Highlights

• Year end sales in line with management

expectations

• Healthy cash balance

• Mexico phase 1 acquisition completed

• Commenced 3D acquisition in Australia

• Commenced 2D acquisition in Somalia

• 4 Vessels active

Full Year 2015 Highlights

FY-15 FY-14 Change

Net Revenue MUSD 110 MUSD 183 -40%

EBITDA MUSD 79 MUSD 150 -48%

EBIT MUSD (5) MUSD 53 -110%

• More than doubling the MC data library and gaining momentum

in the 3D market

• Quick adaption to reduced seismic spending

• 2015 OPEX down 12% versus 2014*

* OPEX excluding transaction taxes in Brazil

Rolling Net Sales

57 6277 70

6376

6979

62 71

94 111

92 69

42 26

3

3

34

0

20

40

60

80

100

120

140

160

180

200

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15

MUSD

Late Sale Early Sale Other Revenue

- Late Sale, Early Sale and Other Revenue 4 quarter rolling

Q4 and Full Year 2015 Highlights

Q4-15 Q4-14 FY-15 FY-14

Operational Cash Flow MUSD 38 MUSD 31 MUSD 98 MUSD 128

MC Investment MUSD 28 MUSD 30 MUSD 175 MUSD 113

CAGR MC investment

2011-2015 35 %

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

Rolling MC Netrevenue 4 quarter /Rolling MCInvestment

Q4 and Full Year 2015 MC Revenue by Region

50

10

49

2015 Net revenue MUSD 109

9

8

25

Q4 Net revenue MUSD 42

Financials

Quarter Quarter 12 months 12 months

ended ended ended ended

(USD 1000) 31.12.15 31.12.14 31.12.15 31.12.14

Net revenue 42,011 47,864 -12 % 109,844 183,298 -40 %

Amortisation of Multi-Client library (22,041) (24,873) (64,627) (94,414)

Impairment of Multi-Client library (16,062) - (16,062) -

Operating expenses (6,911) (6,750) 2 % (30,231) (32,852) -8 %

Cost of stock options (82) (25) (682) (1,254)

Share of profit/(loss) of joint ventures (237) 1,170 (237) 1,170

Depreciation (1,051) (745) 41 % (3,173) (3,153) 1 %

EBIT (4,373) 16,641 -126 % (5,169) 52,795 -110 %

Net Financial items 50 (39) (3,666) 1,859

Profit / (loss) before tax (4,323) 16,603 -126 % (8,835) 54,654 -116 %

Earnings per share (0.10) 0.28 (0.18) 0.90

Diluted earnings per share (0.10) 0.24 (0.18) 0.79

Change

in %

Change

in %

Spectrum Group

Q4 and FY 2015 Income Statement

*

* Operating expenses Q4 14 reduced by MUSD 1.1 due to additional capitalisation of permit fees etc

expensed through 2014

0

50

100

150

200

250

2011FY

2012FY

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15

5476

20 3616 13 18

3827 30

13

120

13 28

5787 86

108 116 112 111 125 126 131 129

233 231221

MUSD

Investment Closing NBV

Multi-Client – NBV & Investments

• Q4 2015 MC investments MUSD 28 (Prefunding of 52%)

• 2015 MC Investments MUSD 175

• Library acquisition MUSD 109

• Organic investment MUSD 66 (Prefunding of 40%)

• Amortization Q4 2015 52.6% (Q4 2014: 52.3%)

• Amortization FY 2015 59.3% (FY 2014: 52.2%)

Rolling Earnings & Net Sales / Book

Value of MC library

MC library rolling includes library acquired in June 2015

-0.2

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

EBITDA 4 quarter rolling / bookvalue of MC library rolling

EBIT 4 quarter rolling / bookvalue of MC library rolling

MC Net revenue 4 quarterrolling / book value of MC libraryrolling

Investment per Vintage Net Book Value (NBV) as % of original investment per financial year vs. allowed

Maximum NBV

Balance Sheet – Key Figures

Assets 31.12.15 30.09.15 31.12.14

(USD 1000) (Unaudited) (Unaudited) (Audited)

MC Library 220,686 231,067 131,266

Other Intangible Assets 18,668 18,138 15,434

Tangible Assets 4,562 4,965 5,868

Receivables 89,590 76,187 90,448

Cash and Equivalents 23,373 29,458 8,364

Total Assets 356,880 359,814 251,379

Equity and Liabilities 31.12.15 30.09.15 31.12.14

(USD 1000) (Unaudited) (Unaudited) (Audited)

Equity 201,580 206,473 174,267

Long Term Liabilities 19,609 46,750 2,066

Current Liabilities 135,692 106,592 75,045

Total Equity and Liabilities 356,880 359,814 251,379

SPECTRUM GROUP

Cash Flow Statement

Quarter Quarter 12 months 12 months

Cashflow ended ended ended ended

(USD 1000) 31.12.15 31.12.14 31.12.15 31.12.14

Cash flows from operating activities:

Profit / (Loss) before tax (4,323) 16,603 (8,835) 54,654

Income taxes paid - (1,184) (4,535) (12,878)

Depreciation, amortisation and impairment 39,153 25,617 83,862 97,567

Other financial items inclusive share options 678 (1,261) 2,789 (2,173)

Working capital changes 2,939 (9,232) 24,965 (9,000)

Net cash flow from operating activities 38,447 30,543 98,246 128,170

Cash flows from investing activities:

Investment in multi-client library (27,723) (30,404) (82,965) (113,280)

Investment in subsidiaries net of cash - - (91,653) -

Investment in other assets (518) (1,396) (3,311) (3,866)

Sale of assets - - 4,507 (159)

Net cash flow from investing activities (28,241) (31,800) (173,422) (117,305)

Cash flows from financing activities:

Issued share capital - - 42,043 268

Equity transaction costs - - (1,204) -

Repayment of capital and dividends - - (5,797) (5,306)

Net of borrowings including interest (15,781) 463 56,721 110

Net cash flow from financing activities (15,781) 463 91,763 (4,929)

Net change in cash and cash equivalents (5,575) (794) 16,587 5,936

Net foreign exchange diff (unrealised) (510) (102) (1,579) (292)

Cash and cash equivalents at start of period 29,458 9,260 8,364 2,719

Cash and cash equivalents at end of period 23,373 8,364 23,373 8,364

SPECTRUM GROUP

Operations

Operations Summary

• Three active surveys during Q4

• Mexico JV MC2D (three vessels)

• Somalia MC2D

• Australia JV MC3D

• Reprocessing 106,605 km of MC2D data

Areas of High Interest

Relevant Licensing Activities

Australia - regular acreage release

Norway - APA rounds

UK - 29th round expected 2016

Mexico - Round One ongoing

Gabon - 11th round ongoing

Somalia - 1st round expected 2017

SW Africa - open door

Brazil - round expected 2017

Uruguay - round expected H2 2016

Croatia - 2nd round expected 2016

Madagascar - round expected 2016/2017

Peru - round expected 2016/2017

MC2D projects in Q4

• Mexico MC2D JV

• Program of ~70,000 km broadband data

• 2 months ahead of competition, first

mover advantage

• Supported by industry

• Fast-track products available,

final PSDM products Q3 2016

• Comprehensive regional coverage

MC2D projects in Q4

• Somalia MC2D

• Exclusive right to acquire 28,000 km offshore

South Somalia

• Includes brokerage of existing 20,000 km data

(2014 vintage)

• Survey started early December

• Final products available in Q3 2016

• Supported by industry

MC3D projects in Q4

• Cygnus MC3D, 4,000 km2

• Partnership with Polarcus and DUG

• Broadband 3D with Polarcus XArrayTM

configuration

• Survey started mid-December

• Fast track products available from

February 2016, final products Q3 2016

• Supported by industry

The Spectrum library contains 40,000 km2 of newly acquired 3D

MC data in the Australian North West Shelf (< 5 years old)

Outlook

2016 Outlook

• Spectrum is well positioned for license rounds in 2016-2017

• Spectrum will carefully consider all MC investments in 2016

• The project pipeline is significant, but prefunding is key for project

realization

• Reducing operational cost for 2016

• The Board recommends that dividend will be considered in Q4

2016, following amortization of current bank facility