SeaBird Exploration Plc: Extension of Hawk lease

7 March 2016, Limassol, Cyprus

SeaBird has signed an addendum to the charter party relating to M/V Hawk Explorer to further extend the lease on current payment terms from 31 May 2016 to 28 February 2017. At the end of the lease, the company will have the option to purchase the vessel and related equipment for USD 1.75 million. Alternatively, the company may at its discretion extend the lease for a firm period up to and including 30 November 2017, at which point it will have the option to purchase the vessel and related equipment for USD 67,800. During the initial lease period, SeaBird may at its sole discretion terminate the charter on 31 August 2016 or 30 November 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 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 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: [phone]

or

Nils Haugestad
CFO SeaBird Exploration
Phone: [phone]

                          

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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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