SeaBird Exploration: update on the “Petrel Explorer”

2 March 2020, Limassol, Cyprus

Seabird Exploration has received a notice of extension of the «Petrel Explorer» time charter party. The charter period is now firm until 31 May 2020.

Furthermore, the Company has received indicative bid interest from a prospective buyer of the vessel. Given the positive market backdrop, the Company`s preferred strategy for the vessel is to maintain exposure through the current charter party. However, pending further extensions, the Company may seek a new owner for the vessel.

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:

Ståle Rodahl
Executive Chairman
Phone: +47 4840 0593

and

Gunnar Jansen
CEO SeaBird Exploration
Phone: +47 9411 9191