Regarding Spectrum's current bank facilities the covenant NIBD / 12 months EBITDA less MC Capex < 1.25 (MC Capex in the calculation is excluding the acquisition of the former Fugro MC library) has been replaced by NIBD / 12 months EBITDA less MC Capex < 1.75. The new covenant will be calculated and reported for the first time by end Q1 2016. From January 1st 2016 the margin on the bank facilities will increase with 10 basis points; Term Loan Facility from 2,8% to 2,9% margin and Revolving Credit Facility from 2,4% to 2,5% margin. All other terms in the bank facilities are unchanged and as described in the investor presentation announced at the Oslo Stock Exchange June 1st 2015.
For further information contact:
Henning Olset, CFO
Mobile: +47 92 26 69 48
E-mail: henning.olset@spectrumgeo.com
"Spectrum provides innovative Multi-Client seismic surveys and high-quality seismic imaging services to the global oil and gas industry from offices in Norway, 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."