Green Energy Group (SeaBird Exploration Plc) – Letter of Award and backlog update

(Limassol, 25 July 2022) Green Energy Group (SBX Plc, the Company) is pleased to announce that it has received a Letter of Award for a 2D campaign in the Eastern Hemisphere with a duration of approximately 9 months. The contract is expected to commence in September this year with rates reflective of an improving 2D market.

The Company`s backlog currently shows a combined 23 months of work to be performed over the coming 14 months with a projected EBITDA contribution of approximately USD 18 million. As previously communicated, the Company holds considerable capacity for further contracts both in 2D and OBN source.

Finn Atle Hamre, CEO (interim), +47 928 35 991