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17th August 2011.  Cyprus: SeaBird Exploration PLC ("SeaBird" or "SBX")

 

Mr. Kai Solberg-Hansen has decided to resign as Chief Financial Officer ('CFO') from SeaBird. In agreement with the Board of Directors and the Chief Executive Officer, the resignation takes effect from today.

 

Mr Erik Hansen has been appointed the new CFO and will replace Mr Solberg-Hansen with immediate effect. He has extensive professional and leadership expertise from over 25 years in strategy, corporate finance and financial initiatives across a variety of industries. His most recent position has been as CFO of Nera Industries AS, and has previously held senior executive positions with Den norske Bank, Bergen Bank and Sparebank1 SR Bank, as well as PricewaterhouseCoopers and Deloitte Consulting.

 

Mr Solberg-Hansen will continue to assist SeaBird for a period of time to ensure a smooth transition.

 

Tim Isden, CEO, stated: "We welcome Erik into the SeaBird Group during these challenging times and look forward to working together and finding solutions with him. In addition, we would like to express our most sincere thanks to Kai, who has been with us through a prolonged and turbulent period during which his dedication and contribution is unquestionable. We wish him every success in the future."

For further queries contact:

 

Tim Isden
CEO SeaBird Exploration
Phone: + 971 504 539075

 

 

SeaBird Exploration PLC is a global provider of marine solutions for seabed acquisition of 3D/4C/4D multimode seismic data with OBN operations, marine 2D and 3D 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 water 2D/3D market. Main focus for the company is proprietary seismic surveys (contract seismic). Main success criteria for the company are an unrelenting focus on Health, Safety, Security, Environment and Quality (HSSEQ), 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 acc. to ยง5-12 vphl (Norwegian Securities Trading Act)