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Cyprus, 14 September 2011

Reference is made to the stock exchange notice dated 13 July 2011. Seabird Exploration PLC ("SeaBird" or "SBX") has entered into discussions with key stakeholders including Norsk Tillitsmann ("NTM"), on behalf of the bondholders, in respect of evaluating several alternatives to strengthen SeaBird's financial position going forward, hereunder to establish a new financing structure for SBX. With the objective to conclude these discussions to the benefit of all stakeholders, SBX informs that interest and principal payments under the SBX01 RET (ISIN: NO 001 032604.4) bond agreement due today, 14 September 2011, will not be paid as scheduled. SeaBird hopes to finalize discussions with all stakeholders within the regulated grace period in the loan agreement of five business days and will summons to a bondholders' meeting shortly thereafter.

 

For further information, please contact:

 

Tim Isden
CEO SeaBird Exploration
Phone: +971 504 539075

 

Erik Hansen
CFO SeaBird Exploration
Phone: +47 94 87 48 47

 

SeaBird Exploration PLC "SeaBird" 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 pursuant to section 5-12 of the Norwegian Securities Trading Act.