SeaBird Exploration Plc: Q4 2020 update – Creating a Leader in Marine Minerals for the Energy Transition

29 January 2021, Limassol, Cyprus

SeaBird Exploration Plc is pleased to announce its fourth quarter 2020 report.

Headlines Q4 2020

• Revenues of $1.9 million, down from $7.6 million in Q4 2019

• Utilization of 29%, down from 42% in Q4 2019

• EBITDA negative $1.1 million, up from negative $5.5 million in Q4 2019

• EBITDA of $0.2 million in 2020 vs a loss of $5.6 million in 2019 despite utilization declining from 62% to 34%

• Awarded 2D contract in the Eastern Hemisphere with expected duration of 120 days

• Signs of market recovery

• Capitalizing and listing Green Minerals marks a change in strategy and a commitment to the energy transition

• A complete rebranding of the Group will be presented to the AGM in May

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

https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZDlkZjhiODgtNTQwOS00Y2RmLTgwMjItZGIzMzhhMTEwMjYz%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

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

• Seabird Q4 2020 report

• Q4 20 investor presentation