Go to content

4 November 2013, Limassol, Cyprus

1. Employees in SeaBird Exploration have today exercised their rights to purchase from the Company shares in SeaBird Exploration PLC (OSE:SBX) at pre agreed price in a number of 1,655,268.  The Board of directors have therefore today under the authorisation granted to it at the 2013 AGM, resolved to issue a number of new shares equal to the total number of options exercised. Each such share is issued at the applicable strike price of such option previously announced. The total exercise price for all shares issued is NOK 5,088,308.60.  

 
2. Options exercised by primary insiders 4 November 2013:

Dag Reynolds has exercised 1,000,000 options in the Company, corresponding to 1,000,000 shares at the strike price of NOK 2.50.

Nils Haugestad has exercised 421,940 options in the Company, corresponding to 421,940 shares at the strike price of NOK 3.95.

Babak Jabbari has exercised 33,333 options in the Company, corresponding to 33,333 shares at the strike price of NOK 3.95.

Kjell Mangerøy has exercised 33,333 options in the Company, corresponding to 33,333 shares at the strike price of NOK 3.95.

Alexander Holst has exercised 33,333 options in the Company, corresponding to 33,333 shares at the strike price of NOK 3.95.

Sverre Garden Huru has exercised 33,333 options in the Company, corresponding to 33,333 shares at the strike price of NOK 3.95.

 
3. Transfer of rights

On 4 November, the primary insiders mentioned below transferred their rights related to the exercised options to a third party. The sales amount will be finally determined on the basis of the price subsequently obtained by the third party when selling the shares in the market. Still, primary insiders cannot be held liable for losses incurred by the third party if the shares are later sold below the strike price. Final compensation for the exercised options will be reported to Oslo Børs when known.
 
Dag Reynolds has transferred 1,000,000 rights

Nils Haugestad has transferred 421,940 rights

Babak Jabbari has transferred 33,333 rights

Kjell Mangerøy has transferred 33,333 rights

Alexander Holst has transferred 33,333 rights

Sverre Garden Huru has transferred 33,333 rights
 

4. Purchase of shares

On 4 November, the primary insider mentioned below entered into an agreement to use part of the compensation mentioned in item 3 to purchase shares. When known, the final number of shares, along with the compensation, will be reported to Oslo Børs.

Dag Reynolds
Nils Haugestad
Alexander Holst


5. New holding

After exercising options, Dag Reynolds holds 2,000,000 unexercised options in the Company, corresponding to 2,000,000 shares at the strike price of NOK 2.50 each.  As of today the primary insider holds no shares in the Company, Nils Haugestad holds 843,882 unexercised options in the Company, corresponding to 843,882 shares at the strike price of NOK 3.95.  As of today the primary insider holds no shares in the Company , Babak Jabbari holds 66,667 unexercised options in the Company, corresponding to 66,667 shares at the strike price of NOK 3,95 each.  As of today the primary insider holds no shares in the Company, Kjell Mangerøy holds 66,667 unexercised options in the Company, corresponding to 66,667 shares at the strike price of NOK 3.95 each.  As of today the primary insider holds 2,990 shares in the Company, Alexander Holst holds 66,667 unexercised options in the Company, corresponding to 66,667 shares at the strike price of NOK 3.95.  As of today the primary insider holds 100 shares in the Company.

 

SeaBird is a global provider of marine acquisition for 2D/3D and 4D 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/deep water 2D/3D and 4D 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.

For further queries contact:

Dag Reynolds
CEO SeaBird Exploration
Phone: +47 90883737


Nils Haugestad
CFO SeaBird Exploration
Phone: +971 4 427 1700