3rd Quarter 2014 ResultsUnaudited

October 24th 2014

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 3rd quarter

2014 Earnings Release issued by Spectrum October 24th 2014.

• One 3D survey active throughout Q3

• 11,330 sq.km MC3D, Brazil

• One 2D survey active during Q3

• 16,000 km MC2D, Brazil

• Reprocessing projects – 118,500 km of MC2D data in progress

Q3 2014 Highlights

Q3-14 Q3-13 Change

Net Revenue MUSD 52.8 MUSD 15.1 250%

Early Sales MUSD 29.0 MUSD 6.1 375%

Late Sales MUSD 23.2 MUSD 8.3 180%

EBITDA MUSD 44.9 MUSD 7.4 507%

EBIT MUSD 17.6 MUSD -0.8

Q3 2014 Financial Highlights

Q3-14 Q3-13 YTD-14 YTD-13

Operational Cash Flow MUSD 36.8 MUSD -4.7 MUSD 97.6 MUSD 64,7

MC Investment MUSD 26.9 MUSD 16.2 MUSD 82.9 MUSD 71.7

CAGR MC investment

2011-2014 23%

-

0,2

0,4

0,6

0,8

1,0

1,2

1,4

1,6

1,8

2,0

Rolling MC Net revenue 4 quarter /Rolling MC Investments 4 quarter

Year to Date 2014

• YTD Net revenues MUSD 135 (YTD 2013 MUSD 105)

• YTD EBITDA MUSD 108 (YTD 2013 MUSD 78)

Net Revenue

MUSD

EBITDA

MUSD

33

7

13

Q3 Net revenue MUSD 52

72

19

42

YTD 2014 Net revenue MUSD 133

Q3 and YTD 2014

Multi-Client Revenue per Region

Financials

Q3 2014 Income Statement

Quarter Quarter 9 months 9 months

ended ended ended ended

(USD 1000) 30.09.14 30.09.13 30.09.14 30.09.13

Total operating revenue 70 024 18 508 278 % 186 452 114 961 62 %

Revenue share (17 181) (3 428) (51 018) (10 458)

Net revenue 52 843 15 079 250 % 135 435 104 503 30 %

Amortisation of multi-client library (26 532) (7 449) (69 541) (42 015)

Operating expenses (8 183) (7 762) 5 % (26 145) (23 769) 10 %

Cost of stock options 285 85 (1 186) (3 067)

Depreciation (767) (779) -2 % (2 408) (2 324) 4 %

EBIT 17 647 (826) 36 154 33 327

Net Financial items 2 193 2 693 1 897 (6 416)

Profit / (loss) before tax 19 840 1 867 963 % 38 051 26 911 41 %

Earnings per share 0,32 0,04 0,62 0,41

Diluted Earnings per share 0,28 0,04 0,54 0,34

Change

in %

Spectrum Group

Change

in %

Multi-Client – NBV & Investments

• Q3 2014 MC investments MUSD 27 (Prefunding of 108%)

• YTD 2014 MC investments MUSD 83 (Prefunding of 97%)

• Sales / MC Library (rolling 12 months) 1.44

• EBITDA / MC Library (rolling 12 months) 1.16

0

50

100

150

2011 FY 2012 FY Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14

5476

2036

1613 18

3827

57

87 86108 116 112 111

125 126

MUSD

Investment Closing Quarterly NBV

Rolling Earnings & Net Sales / Book

Value of MC library

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

EBITDA 4 quarter rolling /book value of MC libraryrolling

EBIT 4 quarter rolling / bookvalue of MC library rolling

MC Net revenue 4 quarterrolling / book value of MClibrary rolling

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

Maximum NBV

57.5

51.3

85.9

30.5

85.4

14%19%

54%

42%

57%

17%

39%

62%

88%

100%

0

10

20

30

40

50

60

70

80

90

100

2011 2012 2013 2014 WIP

MUSD

Original Investment % Actual NBV % Max allowed NBV

Assets 30.09.14 30.06.14 31.12.13

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

MC Library 125,735 125,366 112,400

Other Intangible Assets 19,430 19,716 19,996

Tangible Assets 5,181 5,067 4,713

Receivables 58,332 64,387 56,484

Cash and Equivalents 9,260 373 2,719

Total Assets 217,938 214,909 196,313

Equity and Liabilities 30.09.14 30.06.14 31.12.13

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

Equity 161,842 146,734 138,041

Long Term Liabilities 1,101 1,104 766

Current Liabilities 54,994 67,072 57,506

Total Equity and Liabilities 217,938 214,909 196,313

SPECTRUM GROUP

Balance Sheet – Key Figures

Q3 2014 Cash Flow Statement

Quarter Quarter 9 months 9 months 12 months

Cashflow ended ended ended ended ended

(USD 1000) 30.09.14 30.09.13 30.09.14 30.09.13 31.12.13

Cash flows from operating activities:

Profit / (Loss) before tax 19,840 1,873 38,051 26,911 42,905

Income taxes paid (3,135) (4,762) (11,693) (12,634) (15,315)

Depreciation and amortisation 27,299 8,228 71,950 44,339 63,017

Other financial items inclusive share options (1,947) (4,740) (912) 5,000 (80)

Working capital changes (5,284) (5,256) 231 1,055 (11,955)

Net cash flow from operating activities 36,774 (4,657) 97,627 64,671 78,571

Cash flows from investing activities:

Investment in multi-client library (26,901) (16,235) (82,876) (71,713) (85,200)

Investment in other assets (595) (440) (2,470) (3,921) (4,372)

Net cash flow from investing activities (27,496) (16,675) (85,505) (75,634) (89,572)

Cash flows from financing activities:

Issued share capital 0 0 268 2,074 2,075

Repayment of capital and dividends 0 0 (5,306) (4,145) (4,145)

Net of borrowings including interest (255) (49) (353) (74) (50)

Net cash flow from financing activities (255) (49) (5,392) (2,145) (2,120)

Net change in cash and cash equivalents 9,023 (21,381) 6,730 (13,124) (13,137)

Net foreign exchange diff (unrealised) (136) 245 (189) (862) (1,131)

Cash & cash equivalents at start of period 373 24,138 2,719 16,988 16,988

Cash and cash equivalents at end of period 9,260 3,002 9,260 3,002 2,719

SPECTRUM GROUP

Operations

Areas of High Interest

Relevant Licensing activities

Croatia - 1st round ongoing

Lebanon - 1st round on hold

Peru - round expected in 2015

Brazil - 13th round expected in 2015

Gabon - blocks awarded

Namibia - open door

Madagascar- round expected in 2015

Norway - 23rd round in 2015

Ireland - round ongoing

• Spectrum – CGG Multi-Client 3D

• 11,330 sqkm BroadSeisTM acquired

• 6,000 sqkm over open acreage

• Survey completed on schedule

• High prefunding level

• Initial results

• 3D provides a step-change in

imaging uplift

• Final processed products

available Q3 2015

• Spectrum – EMGS study identified

numerous CSEM anomalies

Brazil – Amazonas MC3D

3D survey outline

Ongoing MC2D projects in Q3

• Brazil, Sergipe-Alagoas basin

• 26,000 km MC2D data

• Final products available Q1 2015

• Data on trend with recent Petrobras

deepwater light oil discoveries

• Considered a prime area for inclusion

in the next offshore bid round,

anticipated in 2015

• Supported by industry funding

Selected reprocessing projects

• Peru offshore - 13,575 km

• Bid Round opening scheduled for Q4

2014, closing Q2 2015

• Final products available

• Madagascar offshore - 16,900 km

• Nearby discoveries in Eastern Africa

• Access to up to 69,000 km of vintage

data (offshore & onshore)

• License round announcements

expected at year-end

• 1st offshore bid round open

• Round closing 3rd November 2014

• Block awards expected Q1 2015

• 1st onshore bid round opened

• Round closing 18th February 2015

• 6 Exploration blocks covering ~15,000 sqkm

• Each cover an area that has produced hydrocarbons

• 12,000 km of 2D reprocessed data and well data

Mediterranean – Croatia

Outlook

Outlook

• Spectrum assumes overall seismic spending by oil companies

in 2014 to be down compared to 2013

• Spectrum is on track for growth in 2014

• Spectrum see continued interest in our core areas

• Spectrum maintains MC investment guidance for 2014 to be in

excess of MUSD100

• Spectrum is well positioned for license rounds in 2014-2015