SeaBird Exploration

sale of seismic data license

11 March 2019, Limassol, Cyprus

SeaBird Exploration is pleased to announce a license sale of seismic data over Rio Grande Rise in Brazil. SeaBird's share of the sale is approximately $0.8 million. The license sale relates to assets which previously have been written down to $0.2 million on the balance sheet. The company will therefore report a gain of $0.7 million in quarter one, related to this transaction.

SeaBird holds a number of assets with zero book value following impairment testing and write-downs in recent years. These assets comprise of both multi-client surveys as well as trade receivables.  The company will continue working towards monetizing these assets going forward.

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:

Hans Petter Klohs

CEO SeaBird Exploration

Phone: [phone]

or

Nils Haugestad

CFO SeaBird Exploration

Phone: [phone]

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SeaBird Exploration Plc via Globenewswire