Spectrum ASA : Spencer Trading Inc and Spencer Energu AS converts bonds in Spectrum ASA

Reference  is made to Spectrum's stock  exchange notification and the
prospectus, both dated 14 September 2011, related  to the offering of a NOK
77,000,000 subordinated  convertible  loan  in  the  form  of  77,000,000
convertible  bonds (the "Convertible Bonds"), each at  a nominal value of NOK 1 equal to the subscription price of NOK 1, to the company's existing shareholders and  Compagnie  Générale  de  Géophysique  -  Veritas  SA (CGGV).

Spencer Trading Inc. has converted their bonds to shares in Spectrum ASA.   In total 5,641,636 bonds, each at a nominal value of NOK 1, have been converted into 402,974 shares.
Post the conversion Spencer Trading Inc. holds 4,411,710 shares in Spectrum ASA, representing 11,60%.
The New Shares have been registered with the Norwegian Register of Business Enterprises.

Spencer Energy AS has converted their bonds to shares in Spectrum ASA. In total 2,693,348 bonds, each at a nominal value of NOK 1, have been converted into 192,382 shares.
Post the conversion Spencer Energy AS holds 1,542,582 shares in Spectrum ASA, representing 4,06%.
The New Shares have been registered with the Norwegian Register of Business Enterprises.