Oslo, 15 February 2017. Reference is made to the voluntary offer (the "Offer") by Spectrum ASA ("Spectrum", the "Company", ticker code: "SPU") to acquire all the issued and outstanding shares in MultiClient Geophysical ASA ("MCG") at a consideration of NOK 1.25 per share (the "Offer Price") as announced on 24 January 2017 and as further described in the voluntary offer document (the "Offer Document") dated 1 February 2017. Capitalised terms used in this announcement shall have the same meaning as set out in the Offer Document.
Following the announcement on 2 February 2017 by Geoex Ltd. regarding the increase of the offer price under the Geoex Offer and the announcement by the MCG board on 9 February 2017 of its decision to recommend to the shareholders of MCG to accept the improved Geoex Offer, Spectrum notes that it is evident that the conditions for completion of the Offer, as described in section 4.2 of the Offer Document, cannot be fulfilled. Spectrum has therefore resolved to withdraw the Offer and that all acceptances received under the Offer shall be released with immediate effect. Any blocking in VPS of MCG Shares held by shareholders that have already accepted the Offer will be released.
This announcement has been issued by Spectrum after review by Oslo Børs.
For further queries, please contact:
Rune Eng; CEO and President
Email: Rune.Eng@Spectrumgeo.com
Mobile phone: +47 91 57 09 45
Henning Olset; CFO
Email: Henning.Olset@Spectrumgeo.com
Mobile phone: +47 92 26 69 48
Sondre Vevstad; Danske Bank
Email: sondre.vevstad@danskebank.com
Mobile phone: +47 93 65 45 55
About Spectrum
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.