Spectrum ASA : 4th Quarter & Full Year Results 2011

Summary Continued operations
(USD 1000)
	Quarter	Quarter	12 months	12 months
	ended	ended	ended	ended
	31.12.11	31.12.10	31.12.11	31.12.10
	Unaudited	Unaudited	Unaudited	Audited
Revenue	40,122	10,975	81,245	26,976

EBITDA	18,667	3,424	33,915	11,571
% EBITDA	47%	31%	42%	43%

EBIT	10,394	1,255	14,702	3,023

Net profit	8,308	(8,248)	12,988	(12,301)

Cash flow from operating activities	9,600	12,027	16,473	19,800

Investment in Multi Client Libraries	4,417	1,631	54,162	15,164

Cash and cash equivalents	5,953	10,787	5,953	10,787

Quarterly Highlights

Multi Client revenue was MUSD 38.8 (MUSD 9.8). This represents an increase of close to 300% vs. the 4^th quarter 2010. Spectrum made a step-change in terms of Multi client revenue in 3^rd quarter of 2011 and this has continued in 4^th quarter. Spectrum is now a pure play Multi Client company. This revenue increase also had a marked effect on the profitability of the Multi Client division and the group as a whole, with the division reporting a positive EBIT of MUSD 10.4 (MUSD 1.3).
Spectrum announced a new 2D Multi Client seismic survey in the northern equatorial margin offshore Brazil. The survey area includes blocks expected to be announced for the 11th license round in 2012. Phase 1 of the program is 12.000 km and the program is approximately 80% prefunded.
Organic investment of MUSD 4.4 (MUSD 1.6) in new Multi Client libraries. Organic investment will increase substantially in 2012 with among others the acquisition operations in Indonesia, West Africa and Brazil.

CGGVeritas, which is a major shareholder in Spectrum, converted their bonds to shares in December 2011 and are now a 28.96 % shareholder in the company.

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