Investor News Story

Spectrum ASA: Exercise of share options and mandatory notification of trades (2018-08-27T11:22:01 CET)

Based on the authorisation granted by the general meeting of Spectrum ASA
("SPU" or "Company") on 25 May 2018, the Board of Directors of SPU has in a board meeting held on 22 August 2018 approved a share issue of up to 336,000 shares, each with a par value of NOK 1.0 per share at the option price of NOK 27.69 for 15,000 shares, NOK 28.73 for 100,000 share, NOK 29.21 for 50,000 shares, NOK 32.87 for 15,000 shares, NOK 34.70 for 15,000 shares, NOK 35.43 for 116,000 shares and NOK 42.61 for 25,000 shares. As a result of the Board resolution, the Company's share capital will increase with NOK 336,000 from NOK 54,449,103 to NOK 54,785,103, divided on 54,785,103 shares each with a par value of NOK 1.00.

Participants in the Company's share option program have on 27 August 2018 exercised a total number of 336,000 options, each giving one new share in the Company. The following primary insiders in the company exercised their options:

Name Title # of options NOK per Option
Kim Gunn Maver Senior Vice President Special Projects 112,000 29.45
Ian Setterfield Vice President Sales Eastern Hemisphere 59,000 29.75
Duncan Woolmer Head of Group Marketing 5,000 35.43
Eddie Pharr Vice President Business Development North America 25,000 35.43
Bjarte Rønnevik Bakke Group Accounting and Tax Manager 25,000 35.43
Ian T. Edwards Exec. Vice President, North-West Europe and Asia Pacific 15,000 32.87
Mike Mellen Exec. Vice President, Seismic Imaging 15,000 34.70
Total   336,000  

On 27 August 2018, the primary insiders listed above transferred their rights to receive shares resulting from the exercise of the options to a third party. The sales amount will be finally determined on the basis of the price subsequently obtained by the third party when selling the shares in the market. The final compensation for the transferred rights will be reported to Oslo Børs when executed.


For further information, please contact:

Henning Olset
, CFO
E-mail: henning.olset@spectrumgeo.com
Mobile: +47 92 26 69 48

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

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