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This is a correction of the announcement from 14:48 06.06.2017 CEST. Reason for the correction: This announcement now includes summons to bondholder's meeting and notice to bondholder's meeting.

6 June 2017, Limassol, Cyprus.

Reference is made to the stock exchange announcement from SeaBird on 26 May 2017 concerning the proposed restructuring of the SeaBird group, as further described in said announcement.

The bondholders' meeting of the SBX04 bond issue has today unanimously approved the proposal for the debt restructuring, pursuant to the summons therefore. The bondholders present formed a quorum. 

Following the bondholders' meeting, the Company continues its efforts to satisfy the outstanding conditions for the proposed restructuring. Said conditions include (i) the approval of the Restructuring at an extraordinary general meeting of the Company; (ii) consent to the Restructuring from Glander and subsequent execution of the same from Glander and Ordinat, (iii) that no SeaBird group entity has entered into any insolvency procedures, whether voluntary or involuntary; (iv) that no enforcement action have been taken by any creditors for any material claim or bankruptcy of any SeaBird group entity; (v) that final documentation required to implement the Restructuring, including final documentation on revised terms with trade creditors, has been entered into; (vi) subsequent confirmation that the abovementioned outstanding amounts under Tranche A and Tranche B of the SBX04 bond loan and the Glander credit facility have been irrevocably redeemed following the respective settlements; (vii) the entry into of an amended and restated SBX04 bond agreement between the Company and the bond trustee under the SBX04 bond agreement; and (viii) the entry into of an exchange agreement and income distribution agreement between TGS and the bond trustee under the SBX04 bond agreement to reflect the abovementioned distribution of the net income from the multi-client libraries.

ABG Sundal Collier ASA and Arctic Securities AS act as financial advisors to the Company. Advokatfirmaet Schjødt AS acts as Norwegian legal counsel to the Company.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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 Quality, Health, Safety, Security and Environment (QHSE), 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.

For further queries contact:

Christophe Debouvry
CEO SeaBird Exploration
Phone: +47 22 40 27 05

or

Nils Haugestad
CFO SeaBird Exploration
Phone: +47 22 40 27 17