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11 February 2015, Limassol, Cyprus

Reference is made to the press release dated 29 January 2015 regarding the restructuring of the company, including the conversion of the outstanding amounts under the SeaBird Exploration Plc Senior Secured Callable Bond Issue 2011/2015 ("SBX03") into a combination of (i) a new secured bond ("SBX04") and (ii) equity, as further described in said press release. Pre-undertakings to vote for the proposal have been received from a majority of about 75.7% of the SBX03 bondholders.

Please see attached summons to bondholders' meeting for SBX03 regarding the approvals of the restructuring by SBX03.

The bondholders' meeting will be held on 18 February 2015, 13:00 hours. The meeting will be held at the premises of Nordic Trustee ASA (the loan trustee for the bond loan).

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 announcement is made with reference to the Norwegian Trading Act section 5-12.
For further queries contact:
Dag Reynolds
CEO SeaBird Exploration
Phone: +47 90883737
Nils Haugestad
CFO SeaBird Exploration
Phone: +971 4 427 1700