Correction * SeaBird Exploration: update on strategy and financing

18 February 2020, Limassol, Cyprus

In reference to the Strategy Update released on November 7th last year, Seabird Exploration Plc announces the following:

The Company has entered into a MUSD 16 three-year secured credit facility with Sparebanken 1 SMN.  The proceeds from the loan will be used to repay the SBX04 bond loan expiring in June, and to outfit the “Fulmar Explorer” for seismic operations. The outfitting project will commence in Q1 with an expected duration of 3 months. Marketing of the “Fulmar Explorer” will begin immediately.

The Company has signed a 2-year, plus 2x1 year options, “pay as you work” flexible charter agreement with Uksnøy & Co AS for the 2007-built «Geo Barents». The vessel will be equipped for source, 2D and niche 3D work with expected availability ultimo March. The company will begin marketing the vessel immediately for work commencing in April or later.

Furthermore, the Company has decided to decommission the 1985-built «Osprey Explorer» and recycle the in-sea seismic equipment to the “Geo Barents”. A final decision on the «Harrier Explorer» will be taken well before the next special survey.

Through these initiatives, the Company will have an upgraded fleet of 6 owned and chartered vessels, enabling the Company to offer its clients a modern and competitive fleet in its industry segments.  Furthermore, the initiatives will allow the Company to operate with a more flexible cost base, where the modern owned vessels offer a competitiveness that allows for a significant base utilization while the chartered vessels provide flexibility as activity levels fluctuate. Together with the previously announced restructuring and cost reduction program, this will ensure a stronger, leaner and more competitive SeaBird for the benefit of our clients and shareholders in the years to come. 

SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic data, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow/deep water 2D/3D and 4D market. Main focus for the company is proprietary seismic surveys (contract seismic). Main success criteria for the company are an unrelenting focus on Quality, Health, Safety and Environment (QHSE), combined with efficient collection of high quality seismic data. All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company's vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For further queries contact:

Ståle Rodahl

Executive Chairman

Phone:

and

Gunnar Jansen

CEO SeaBird Exploration

Phone: