SeaBird Exploration: annual report 2019

8 April 2020, Limassol, Cyprus

SeaBird Exploration is pleased to announce the release of the Group’s annual report 2019. The Group reported its IFRS unaudited fourth quarter and preliminary full year 2019 results on 28 February 2020. There are two changes to the consolidated annual financial statements compared to those presented on 28 February 2020:

– $ 572k reversal is booked to restructuring expenses. As a result, loss of the year decreases from $ 23,843k to $ 23,315k

– $ 545k long term tax liabilities is reclassified to short term tax liabilities. As a result, long term tax liabilities decreases from $ 808k to $ 263k

The report is attached hereto and is in addition available for viewing or download at www.sbexp.com.

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 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.

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

For further queries contact:

Gunnar Jansen
CEO SeaBird Exploration (acting)
Phone: +47 9411 9191

or

Erik von Krogh 
CFO SeaBird Exploration
Phone: +47 9303 8075



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