February 9th 2018

4th Quarter and Full Year 2017

Results Unaudited

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

2017 Earnings Release issued by Spectrum February 9th 2018.

Q4 2017 Highlights

Q4-17 Q4-16 Change

Net Revenue MUSD 46 MUSD 35 33%

EBITDA MUSD 38 MUSD 29 30%

EBIT before impairment MUSD 19 MUSD 13 45%

EBIT MUSD (7) MUSD 0

• Late sales of MUSD 36

• Q4 2017 MC investments of MUSD 10, up from MUSD 7 in Q4 2016

• Operational cash flow of MUSD 16

• Net cash of MUSD 14 end of quarter up from MUSD 11 end Q3

Full Year 2017 Highlights

FY-17 FY-16 Change

Net Revenue MUSD 119 MUSD 87 37%

EBITDA MUSD 93 MUSD 63 46%

EBIT before impairment MUSD 10 MUSD (6)

EBIT MUSD (16) MUSD (19) 16%

• Late sale of MUSD 61

• 2017 MC investments of MUSD 82 with prefunding of 70%

• Additional MC investment of MUSD 48 on risk share basis with other contractors

• Late sale to book value 32% up from 26% FY 2016

• The Board will propose to the AGM a dividend of NOK 0.5 per share for 2017

Rolling MC Net Sales - Late Sale, Early Sale and Other Revenue 4 Quarter Rolling

57 6277 70

6376

6979 81

57 50 50 55 55 5361

62 71

94 111

92 69

42 26 28

3131

1925

42 49

57

3

3

34 3

33

3

1

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 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17

MUSD

Late Sale Early Sale Other Revenue

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

4Q

2011

1Q

2012

2Q

2012

3Q

2012

4Q

2012

1Q

2013

2Q

2013

3Q

2013

4Q

2013

1Q

2014

2Q

2014

3Q

2014

4Q

2014

1Q

2015

2Q

2015

3Q

2015

4Q

2015

1Q

2016

2Q

2016

3Q

2016

4Q

2016

Q12

017

Q22

017

Q32

017

Q42

017

Rolling MC Netrevenue 4quarter / RollingMC Investment

Q4 2017 and Full Year 2017 Highlights

Q4-17 Q4-16 FY-17 FY-16

Operational Cash Flow MUSD 16 MUSD 20 MUSD 102 MUSD 61

MC Investment MUSD 10 MUSD 7 MUSD 82 MUSD 51

Multi-Client investments impacted by the Fugro library acquisition

Q2 2015 – Q1 2016

Ratio

Q4 2017 and Full Year 2017 Highlights

Q4-17 Q4-16 FY-17 FY-16

Operational Cash Flow MUSD 16 MUSD 20 MUSD 102 MUSD 61

MC Investment MUSD 10 MUSD 7 MUSD 82 MUSD 51

Multi-Client investments impacted by the Fugro library acquisition

Q2 2015 – Q1 2016

0

50

100

150

200

250

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

4Q

2011

1Q

2012

2Q

2012

3Q

2012

4Q

2012

1Q

2013

2Q

2013

3Q

2013

4Q

2013

1Q

2014

2Q

2014

3Q

2014

4Q

2014

1Q

2015

2Q

2015

3Q

2015

4Q

2015

1Q

2016

2Q

2016

3Q

2016

4Q

2016

Q12

017

Q22

017

Q32

017

Q42

017

Rolling MC Netrevenue 4quarter / RollingMC Investment

Rolling MCInvestment 4quarter

Rolling MC Netrevenue 4quarter

MUSD Ratio

Q4 2017 and Full Year 2017 MC Revenue by Region

Q4 2017 Net revenue MUSD 46 2017 Net revenue MUSD 119

2

9

10

25

11

11

54

43

North and SouthAmerica (NSA)

Africa, Mediterraneanand Middle-East (AME)

Northwest Europe(NWE)

Asia Pacific (AP)

Financials

Q4 2017 Income Statement

Quarter Quarter 12 months 12 months

ended ended ended ended

(USD 1000) 31.12.17 31.12.16 31.12.17 31.12.16

Net revenue 46,108 34,578 33 % 118,850 86,852 37 %

Amortisation of Multi-Client library (18,502) (15,627) (81,714) (67,391)

Impairment (25,598) (12,867) (25,598) (12,867)

Operating expenses (8,241) (5,698) 45 % (25,264) (24,276) 4 %

Cost of stock options (246) 103 (811) 571

Share of profit/(loss) of joint ventures (82) 1 (82) 132

Depreciation (324) (442) -27 % (1,418) (2,069) -31 %

EBIT (6,884) 48 (16,037) (19,048) 16 %

Net Financial items (1,064) 219 (2,456) (3,444)

Profit / (loss) before tax (7,948) 268 (18,493) (22,493) 18 %

Tax income / (expense) (6,282) 2,257 (8,350) 2,210

Net Profit / (Loss) to equity holders (14,231) 2,525 (26,843) (20,283) -32 %

Earnings per share (0.26) 0.05 (0.49) (0.38)

Diluted earnings per share (0.26) 0.04 (0.49) (0.38)

Spectrum Group

Change

in %

Change

in %

Multi-Client – NBV & Investments

• Q4 2017 MC investments MUSD 10 (Prefunding of 101%)

• Amortization Q4 2017 40%

0

50

100

150

200

250

2011FY

2012FY

2013FY

2014FY

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117

Q217

Q317

Q417

5476 85

113

13

120

13 28 287 8 7

27 3114 10

5787

112131 129

233 231221 230

220 212193 198 205 202

169

MUSD

Investment Closing NBV

Rolling Earnings & Net Sales / Book

Value of MC library

-0.5

-

0.5

1.0

1.5

2.0

1Q

2012

2Q

20

12

3Q

20

12

4Q

20

12

1Q

20

13

2Q

20

13

3Q

2013

4Q

20

13

1Q

20

14

2Q

20

14

3Q

20

14

4Q

20

14

1Q

20

15

2Q

20

15

3Q

20

15

4Q

20

15

1Q

20

16

2Q

20

16

3Q

20

16

4Q

20

16

Q1

20

17

Q2

20

17

Q3

20

17

Q4

20

17

EBITDA 4 quarter rolling / bookvalue of MC library rolling

EBIT 4 quarter rolling / book valueof MC library rolling

MC Net revenue 4 quarter rolling /book value of MC library rolling

57.551.3

83.2

44.9

207.5

46.7

73.978.9

0% 0% 0% 4%

31%

27%

51%

66%

-

50

100

150

200

250

2011 2012 2013 2014 2015 2016 2017 WIP

MUSD

Investment NBV

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

Assets 31.12.17 30.09.17 31.12.16

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

MC Library 169,408 201,648 192,721

Other Intangible Assets 16,292 16,806 19,951

Tangible Assets 4,025 3,708 4,138

Receivables 84,577 69,678 81,044

Cash and Equivalents 14,155 10,670 15,827

Total Assets 288,457 302,508 313,680

Equity and Liabilities 31.12.17 30.09.17 31.12.16

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

Equity 157,024 171,113 181,845

Long Term Liabilities 49,741 49,935 27,923

Current Liabilities 81,696 81,462 103,914

Total Equity and Liabilities 288,457 302,508 313,680

Net secured interest bearing debt 10,945 16,430 26,729

SPECTRUM GROUP

Balance Sheet – Key Figures

Quarter Quarter 12 months 12 months

Cashflow ended ended ended ended

(USD 1000) 31.12.17 31.12.16 31.12.17 31.12.16

Cash flows from operating activities:

Profit / (Loss) before tax (7,948) 268 (18,493) (22,493)

Income taxes paid - - - (32)

Depreciation, amortisation and impairment 44,423 28,935 108,729 82,327

Other financial items inclusive share options 501 595 2,144 2,548

Working capital changes (20,903) (9,401) 7,020 (1,135)

Net cash flow from operating activities 16,073 20,396 99,400 61,215

Cash flows from investing activities:

Investment in multi-client library (10,219) (7,474) (82,359) (50,671)

Investment in other assets (576) - (969) (925)

Sale of assets - - 18 -

Net cash flow from investing activities (10,795) (7,474) (83,310) (51,596)

Cash flows from financing activities:

Issued share capital - - 1,399 -

Net of borrowings including interest (1,874) (3,631) (19,587) (17,469)

Net cash flow from financing activities (1,874) (3,631) (18,188) (17,469)

Net change in cash and cash equivalents 3,404 9,291 (2,098) (7,850)

Net foreign exchange diff (unrealised) 80 (1,114) 426 304

Cash and cash equivalents at start of period 10,670 7,649 15,827 23,373

Cash and cash equivalents at end of period 14,155 15,827 14,155 15,827

SPECTRUM GROUP

Cash flow – Key Figures

IFRS 15

IFRS 15 Revenue from Contracts with Customers is effective from 2018

• The seismic industry (and other industries) have for several years worked to keep

revenue recognition of early sales similar to current practice

• The current practice will not be allowed under IFRS 15. The practice will change

from recognition based on the percentage completion on the prefunded project to

recognition based on products delivered

• This will cause a significant delay in when revenue can be recognised, and

potentially very variable early sale recognition across the quarters

• Spectrum will continue to use percentage of completion based early sale in

internal reporting

• External reporting will also be supplemented with this information with

reconciliation to the reporting required by IFRS 15

Operations

Operations Summary

• Five surveys during Q4

• MC2D, Argentina Deepwater Phase 1

• MC2D, Argentina Malvinas Basin

• MC2D, Ceara Basin Phase 2 (completed in Q4)

• MC2D, Brazil Santos Campos Phase 3

• MC2D, Mozambique Regional

• Processing volumes

• 192,900 km of MC2D data

• 60,717 sq.km of MC3D data

Areas of High Interest

Relevant Licensing Activities

Australia - regular rounds

Norway - APA & 24th rounds

Uruguay - 3rd round open

Brazil - Round 15 & pre-salt round open

Mexico - round 3 open

Argentina - open H1 2018, closing Nov

Key Exploration Wells 2018

MC2D projects during Q4

• Argentina Deepwater Phase 1

• 38,000 km MC2D long offset broadband

acquisition, in partnership with BGP & COSL

• Northern half is a priority area for the 2018

round, BGP vessel diverted to Malvinas

Basin early November

• 14,000 km remaining, being acquired by

COSL

• Data will assist the ministry in placement of

license rounds

• Supported by industry

MC2D projects during Q4

• Argentina Malvinas Basin

• 14,500 km MC2D long offset

broadband acquisition, in

partnership with BGP

• Priority area for 2018 round,

acquisition started mid

November

• PSTM ready in Q2, ahead of

expected round closing in

November 2018

• Supported by industry

MC2D projects during Q4

• Brazil Ceara Basin Phase 2

• 4,000 km MC2D long offset broadband

acquistion, in partnership with BGP

• Covering Round 15 sectors, started mid

October, completed end November

• Products ready by end Q1, ahead of

expected round closing in May 2018

MC2D projects during Q4

• Brazil Santos Campos Phase 3

• 6,500 km MC2D long offset broadband

acquisition, in partnership with BGP

• Covering Round 16 sectors in a high

interest area

• Products ready in Q3, ahead of expected

round closing in H2 2018

MC2D projects during Q4

• Mozambique Regional Margin

• 19,000 km MC2D long offset broadband

acquisition, on behalf of INP and in

partnership with WesternGeco

• Integrated with existing 2013 seismic for

improved prospectivity mapping

• Covering open Acreage with proven

hydrocarbons

• WG partnership includes existing MC2D

data and new MC3D data acquisition

• Supported by industry

Q1 update - Ongoing Surveys

BGP Challenger

BGP Pioneer

COSL HYSY 720

BGP Explorer

• Four 2D Vessels and one 3D Vessel in Production

COSL HYSY 760

Q1 update - Ongoing Surveys

• Gabon North 3D survey

• 5,500 sq.km MC3D broadband survey

• Survey commenced early January

• Covering open shallow water blocks with a

proven hydrocarbon system, near ENI

discovery

• Depth migrated final products ready early

Q4 2018.

• Shallow water license rounds will be

coordinated with DGH upon availability of

data

Outlook

Outlook

• Oil companies return to deep water exploration with several high impact

offshore discoveries over last 12 months

• Offshore exploration and developement cost has come down from level

around USD90/barrel to USD35/barrel on average

• Exploration budgets for 2018 are gradually improving helped by a

relative strong oil price

• Seismic is in demand for near field and frontier exploration drilling

Outlook

• The trough of the seismic market was in 2016

• Spectrum believes in a gradual recovery in the seismic market in 2018

and 2019

• Spectrum will have an active H1-2018 in terms of project activity

• High impact areas in 2018 are Brazil, Argentina, Gabon

• Spectrum expect Multi Client investments of MUSD 80-120 in 2018