SeaBird Exploration plc: amendments and awards under its option program

In reference to the November 12 2019 press release, Seabird Exploration, Plc announces the following amendments and awards under its Option Program. 

Given subsequent events following the November 12 2019 announcement, the exercise price has been adjusted upwards and fixed at an average exercise price of NOK 0.66 for the three years of the program (NOK 0.6, 0.66 and 0.72 respectively) versus the previous average of NOK 0.6, whereby the annual 10% uplift is maintained.  The three year average vesting price constitutes a 26% premium to the November 25 2019 closing price of the Company’s shares on the Oslo Stock Exchange. 

Furthermore, the Company announces the awards set out below to Key Employees under the program, at the exercise price stated above. The options vest over a three year period from the date of grant in November 2019, and previously granted options to these employees are terminated. Further awards may be granted going forward, pending cancellations of existing options under the 2018 option program. The Executive Chairman Mr Rodahl has offered to forfeit 2,000,000 options to increase availability under the current awards, and consequently holds 7,200,000 options and 8,500,000 shares.

Following the option grant, the following employees’ current holding of shares and options are as follows:

 No of shares heldNo of options granted and held
Gunnar Jansen, Acting CEO 7,200,000
Finn Atle Hamre, COO302,5007,200,000
Steinar Hovland, VP 3,500,000
Steinar Fjeldboe, VP 3,500,000
Kjell Mangerøy, VP452,5013,500,000

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 to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

For further queries contact:

Ståle Rodahl
Executive Chairman SeaBird Exploration
Phone: +47 484 00 593

Gunnar Jansen
CEO SeaBird Exploration
Phone: +47 22402169