9 December, 2011. Nicosia, Cyprus:
The EGM has elected Mr. Henrik Christensen (chairman), Mr. Per Inge Remmen, Mr. John Olav Økland, Mr. Melvin Teigen and Mr. Kjell Mathiassen as the new Board of Directors of the Company. The EGM resolved to discharge Mr. Frans Malmros, Mr. Jan-Eivind Fondal, Mr. Robert Lane, Mr. Ola Lorentzon and Mr. Tim Isden from the Board of Directors of the Company. The EGM noted the honourable discharge of the departing directors.
The EGM has approved the increase of authorized shares to 500,000,000, whereof 174,895,831 shares are currently issued.
The proposal to approve incentive programs to management did not receive the requisite majority.
For further queries contact:
CEO SeaBird Exploration
Phone: +971 504 539075
SeaBird Exploration PLC "SeaBird" is a global provider of 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.