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Cyprus, 24 November 2011

Reference is made to announcement of 18 October 2011. This announcement is prepared and published in accordance with section 3.4.1 and 3.4.2 of the Continuing Obligations of stock exchange listed companies.

SeaBird Exploration PLC ("SeaBird") has entered into a share and purchase agreement (the "SPA") with Fugro Norway AS ("Fugro") on 18 November 2011. Under the SPA, Fugro will acquire SeaBird Technologies AS and Seabed Navigation Company Limited which collectively hold all of the Company's rights and assets related to the ocean bottom node ("OBN") business for the agreed acquisition price of USD 125 million (the "Transaction"), payable in cash. The time for closing of the Transaction is not defined, but is expected within two to four weeks.

SeaBird Technologies AS is a seismic operator within multi-component (4D) ocean bottom seismic. The Board consists of Timothy Isden, Kjell Mathiassen, Thor Higraff and Eivind Berg. The CEO is Geir Olav Øverkil. The company had 19 employees as of year-end 2010. Seabed Navigation Company Limited is operating a Cyprus-flagged vessel providing proprietary seismic surveys. The Board of Directors consists of Timothy Isden, Kjell Mathiassen, Jan-Eivind Fondal and Helen Georgiades. All crew members of Seabed Navigation Company Limited are hired in from other companies, and the company therefore had no employees at year-end 2010.

The impact of the transaction for SeaBird is that it will realize significant sales proceeds. The Transaction means that SeaBird has exited the OBN market. SeaBird has, however, an excellent record in the 2D and smaller streamer configuration 3D market, and will seek to capitalize on this position going forward. In 2010, the OBN business constituted 55% of SeaBird's consolidated revenues. The OBN business had a profit of USD 13.5 million in 2010. SeaBird's consolidated result was a loss of USD 55.9 million in 2010. Key adjusted figures are taken from management accounts after adjustment for intercompany revenue and cost transfers where OBN contractual party has been a subsidiary other than Seabed Navigation Company Limited or SeaBird Technologies AS. Details are provided in the attachments, a summary here below.


Key P&L items SBX Statutory 2010 OBN 2010 Statutory OBN 2010 Adjusted
USD 1000 USD 1000 USD 1000
Revenue 197,026 87,859 107,809
EBITDA 37,323 27,366 32,822
Depreciation (56,618) (16,164) (12,647)
Impairment (10,506) 0 0
EBIT (29,801) 11,202 20,175
Net financial items (16,607) (1,831) (1,817)
Profit before tax (46,408) 9,371 18,358
Tax (9,528) (4,269) (4,869)
Net profit (55,936) 5,102 13,489

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.