NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES
11 December 2014, Limassol, Cyprus
Reference is made to the announcement 28 November 2014 regarding certain information made available to potential investors and current stakeholders in relation to the ongoing financial restructuring of SeaBird Exploration Plc ("SeaBird").
Based on recent contract awards and on-going negotiations with vessel owners regarding charter hire reductions the material is updated. Please see the attached.
With reference to the announcement on 1 October 2014 on the company's refinance efforts; pending further clarification, SeaBird has requested that Oslo Børs maintains suspension of its shares and SBX03 bonds.
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.