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Cyprus, 9 November 2011

Extension of grace period

Reference is made to the stock exchange notices dated 14, 21, 28 September 2011 and 3, 5, 19, 26 October 2011 and 2 November 2011. Based on the ongoing due diligence process with Fugro Norway AS and restructuring dialogue with key stakeholders, Norsk Tillitsmann ASA has granted an extension of the SBX01 RET (ISIN: NO 001 032604.4) with a grace period of five business days, bringing the payment date to 16 November 2011. The extension is given on the condition that interest and default interest will accrue pursuant to the bond agreement. The extension may be terminated at any time upon (i) the receipt by the Bond Trustee of a written instruction from the appropriate number of the voting bonds to revoke the extension of the grace period, or (ii) a bondholders' meeting resolves to revoke the extension of the grace period.

Seabird also informs that it will not be in a position to pay interest on SBX02 RET (ISIN: NO 001 035391.5) as due and payable on 14 November 2011. Norsk Tillitsmann ASA is informed and more information will follow within the regulated five days grace period in the loan agreement.

 

For further information, please contact:

Tim Isden
CEO SeaBird Exploration
Phone: +971 504 539075

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.