SeaBird Exploration Plc: Q1 2021 update – Rebranding and reorganizing into Green Energy Group

25 May 2021, Limassol, Cyprus

SeaBird Exploration Plc announces its first quarter 2021 update and report.

Headlines Q1 2021

• Rebranding and reorganizing into Green Energy Group (SBX Plc, “The Company”) to be proposed to the upcoming AGM

• Rebranding marks a change in strategy and commitment to the green energy transition

• Green Energy Group relocates from Cyprus to Norway

• Offshore seismic business area maintains SeaBird Exploration name and becomes subsidiary of Green Energy Group

• Completed listing of Green Minerals AS on Euronext Growth

• Signed LOI with a consortium led by OSI Industries (UK) Ltd for a HEDSMS

• First ever contract award in offshore wind

• Awarded OBN source contract for 90 days in the Eastern Hemisphere

• EBITDA negative $0.5 million on 33% utilization

• Market conditions improving

The company will host a webcast at 08:00 CEST today. Please use the following link to join the webcast:

https://teams.microsoft.com/l/meetup-join/19%3ameeting_YjRjNTg3MWItYzgyOS00NmZmLTk3MzQtMDk2YjhjNGE0MmUx%40thread.v2/0?context=%7b%22Tid%22%3a%22d7181576-1d07-4383-b8ac-6451ab33feae%22%2c%22Oid%22%3a%22ab38ca4b-0069-4d66-b5ab-30f40647842e%22%2c%22IsBroadcastMeeting%22%3atrue%7d&btype=a&role=a

For further queries contact:

Erik von Krogh
CFO
Mob: +47 930 38 075

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.

Attachments

• Q1 21 investor presentation

• Seabird Q1 2021 report