SeaBird Exploration Plc: General update

Seabird Exploration Plc (“The Company”) has been awarded an OBN source contract in the North Sea with mobilization in July. It is a short duration contract where the Company will use the Eagle Explorer. The next planned work for the Eagle Explorer is a source job in South America announced on 20 April. The Company has been informed that mobilization for this survey will be delayed to Q4 due to COVID-19.

As part of the asset-light strategy and renewal process, the Company has decided to sell the Harrier Explorer for recycling. The sale is expected to be completed in early Q3 and will have a small positive cash effect.

Further to the notices dated 18 February and 15 June 2020, the Company has now completed the refinancing of the SBX04 bond loan with a bank mortgage facility.

SeaBird is a global provider of marine acquisition of seismic data. SeaBird specializes in safe, high quality, and efficient operations within the 2D and source vessel segments, as well as in the shallow water segment. 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 (acting)
Mob: +47 941 19 191

or

Erik von Krogh
CFO
Mob: +47 930 38 075