SeaBird to enter into a strategic cooperation with PGS for deep water node seismic and to issue a NOK 240 million Convertible Loan to PGS

Cyprus, 27 January 2011:

SeaBird Exploration PLC (´SeaBird" or "SBX"), the market leader in deepwater
node seismic, is pleased to announce an agreement for a strategic cooperation to
further develop Ocean Bottom Node ("OBN") operations together with Petroleum
Geo-Services ASA (PGS).

This agreement enables the two companies to provide a complete seismic solution
in deep water areas, in areas with complex geology, and in areas with heavy
infrastructure on the sea bottom. We expect this agreement to further strengthen
each of the two companies leading positions in the reservoir monitoring market,
which has been, and is expected to represent the fastest growing segment of the
seismic market.

The use of OBN for 3D, 4C and 4D seismic to map complex reservoirs, will be
particularly attractive combined with PGS´ broadband GeoStreamer® technology,
and opens up for extending the application of the SeaBird OBN technology.

Under the terms of the agreement, PGS will gain exclusive rights to offer
SeaBird´s autonomous seabed recording technology at market terms in Brazil in
solutions combining OBN and streamers.  SeaBird will gain access to PGS´
extensive worldwide marketing network and geophysical expertise and the parties
have expressed intentions to explore further areas of cooperation, such as data
processing and use of GeoStreamer® on SeaBird´s 2D vessels.

In relation to the agreement, SeaBird will issue a five year convertible loan of
NOK 240 million directed towards PGS. The loan will have an annual interest of
9 % that can be paid in cash or in kind. The Loan can at any time be converted
into ordinary shares at a conversion price of 3.35 NOK per share until the
maturity date.

The cooperation agreement and the convertible loan are subject to approval by
the shareholders in SeaBird.  An extraordinary general meeting will be held as
soon as possible, expected mid February 2011.

Tim Isden, SeaBird´s chief executive officer, commented:

"We are delighted to team up with PGS´ extensive marine geophysical expertise
and global presence. The combination of SeaBird´s industry-leading OBN
technology and PGS´ strong position in the seismic market will further
strengthen the development of our OBN division, and will give SeaBird a better
foundation for expanding this business segment and increase efficiency to our
clients. Also, we expect that the cooperation with PGS will enhance the
utilization of our 2D and Source vessels when opportunities arise."

For further queries, please contact:
Tim Isden
CEO SeaBird Exploration
Phone: [phone]

Kai Solberg-Hansen
CFO SeaBird Exploration
Phone: [phone]
- - -

SeaBird Exploration PLC "SeaBird" is a global provider of marine solutions for
seabed acquisition of 3D/4C/4D multimode seismic data with OBN operations,
marine 2D and 3D 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 water 2D/3D
market. Main focus for the company is proprietary seismic surveys (contract
seismic). Main success criteria for the company are an unrelenting focus on
Health, Safety, Security, Environment and Quality (HSSEQ), 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 acc. to §5-12 vphl
(Norwegian Securities Trading Act).

This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: SeaBird Exploration Ltd. via Thomson Reuters ONE

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