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2016-10-31

SeaBird Exploration: Decommissioning of Hawk Explorer

31 October 2016, Limassol, Cyprus

SeaBird Exploration announces that agreement has been reached for the sale and
decommissioning of the vessel Hawk Explorer. The decommissioning of the
vessel is a part of the company's efforts to reduce cost and adjust fleet
capacity to better reflect current market demand. The company will retain the
seismic equipment of the vessel.

On 1 September 2016, it was announced that the company entered into an
agreement to purchase the Hawk Explorer and related equipment. The purchase
contract also called for the cancellation of all future lease payments and
additional obligations as required under the then prevailing charter
agreement.

The purchase, the cancellation of the lease agreement and the subsequent sale
of the vessel, is estimated to result in a net pre-tax loss of approximately
USD 8.9 million in Q3 2016.

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 specialises 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 Health, Safety, Security, Environment and Quality (HSSEQ), 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:

Christophe Debouvry
CEO SeaBird Exploration
Phone: +47 22402705

or

Nils Haugestad
CFO SeaBird Exploration
Phone: +47 22402717

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
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

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