Spectrum raises 81m NOK from non-public offering

02-Feb-2010

Seismic services provider Spectrum (Spectrum ASA) has raised 81m NOK gross proceeds from a non-public offering to increase the financial strength of the company for investment in businesses and assets such as multi-client studies.

Spectrum CEO David Rowlands commented, “The additional private investment will allow us to pursue opportunities that we have been evaluating, and to increase the depth and coverage of our multi-client library.”

Spectrum will continue to develop its core businesses of multi-client services, seismic data processing and seismic acquisition.

An important part of this will be the identification of high quality data libraries to extend its multi-client library and geographical coverage.

Enhancements to its data processing software and processing centres are also planned, continuing the development of its worldwide network of processing centres in UK, US, China and Egypt.

Notes to editor

This press release is available for download online: http://www.spectrumasa.com/News-And-Events.php

Press contact:

Robin Wolstenholme, Ballard Communications Management

Tel: +44(0)1306 882288 Email: r.wolstenholme@ballard.co.uk