SeaBird Exploration Plc

Exercise of Call Option for SeaBird Exploration Finance Limited First Lien Callable Bond Issue 2015/2018

15 June 2020, Limassol, Cyprus

SeaBird Exploration Plc has on Friday 12 June 2020 notified Nordic Trustee that it will exercise the call option for the SeaBird Exploration Finance Limited First Lien Callable Bond Issue 2015/2018 (ISIN: NO0010732076) to redeem all outstanding bonds. The redemption price will be 100% of par value (plus accrued interest) with settlement date 26 June 2020. As announced on February 18 this year, the bond loan has been refinanced through a bank credit facility.

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:

Erik von Krogh
CFO
Phone: [phone]