OSLO, April 24 , 2015 – Multi-Client seismic specialists Spectrum announced today that it has entered into a cooperation agreement with Schlumberger, the world's leading provider of oilfield services to the upstream E&P industry, to acquire 50% ownership in Spectrum's Pelotas Multi-Client seismic program. The cooperation agreement includes more than 30,000 km of regional 2D seismic data in the new frontier Pelotas Basin, offshore Brazil.

The program includes the recently acquired Pelotas Phase 1 seismic acquisition, comprising 7,438 km of 2D data. Pelotas Phase 2, currently being acquired, consists of up to 12,000 km of 2D data and more than 12,000 km of recently reprocessed regional 2D data.

The Pelotas Basin is an untapped hydrocarbon province comprising a 280,000 km passive margin located on the southeast coast of Brazil, bordering Uruguay to the south. Spectrum and Schlumberger will provide more than 30,000 km of data to the industry prior to the anticipated offering of the Pelotas Basin in the upcoming Bidding Round 13.