SeaBird Exploration

second quarter 2018 report

17 August 2018, Limassol, Cyprus

SeaBird is pleased to announce its second quarter 2018 report.

Summary observations for the quarter

-     Revenues for the quarter were $2.9 million, a decrease of 38% compared to Q1 2018 and up 11% relative to Q2 2017.

-     Reported EBITDA for the quarter was negative $2.3 million compared to positive $1.0 million for Q1 2018 and negative $6.3 million for Q2 2017. EBITDA adjusted for non-recurring items of negative $1.4 million.

-     Reported EBIT for the quarter was negative $4.0 million compared to negative $0.7 million for Q1 2018 and negative $9.7 million for Q2 2017. Adjusted EBIT of negative $3.1 million.

-     Early quarter three, announced the acquisition of the 2009 built 3D vessel Geowave Voyager including 40 kilometers of Sercel Solid streamers.

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.

The second quarter 2018 presentation will be transmitted live here:

Join the meeting

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

For further queries contact:

Hans Petter Klohs
CEO SeaBird Exploration
Phone: [phone]

or

Nils Haugestad
CFO SeaBird Exploration
Phone: [phone]

SeaBird Q2 2018 report
SeaBird Q2 2018 investor presentation

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Source: SeaBird Exploration Plc via Globenewswire