SeaBird Exploration Plc: general update

29 September 2020, Limassol, Cyprus

The letter of award for a source contract announced on 20 April 2020 has been terminated by the charterer.

Unrelated, the Company has decided to pursue a feasibility study into a niche in the renewable energy segment.

SeaBird is a global provider of high quality marine seismic operations within the source vessel and 2D market, as well as in the shallow water 3D market The Company has a strong focus on Quality, Health, Safety and Environment, combined with cost efficient services to its customers.

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:

Gunnar Jansen
CEO (acting)
Mob: +47 941 19 191

or

Erik von Krogh
CFO
Mob: +47 930 38 075