SeaBird Exploration: New share capital

9 October 2017, Limassol, Cyprus

With reference to the EGM held on 2 October 2017 and previous announcements regarding the private placement of class A shares, the share capital increase reflecting the issue of 1 billion new Class A shares in the private placement has now been registered with the Cyprus Registrar of Companies. The shares will be delivered to the subscribers in the private placement shortly. The new issued share capital is US$6,745,514.50, consisting of 57,455,145 ordinary shares with par value of US$ 0.1 and 1,000,000,000 Class A shares with par value of US$ 0.001.

The Class A shares will be delivered on a separate ISIN, and will not be tradeable on Oslo Stock Exchange until approval of a listing prospectus and the effective completion of the reduction of the Company's share capital through the reduction of the nominal value of its ordinary shares from USD 0.1 to USD 0.001, as proposed resolved by the extraordinary general meeting to be held on 23 October 2017. The ordinary shares and the Class A shares have the same rights related to voting and dividends, and will be sought merged based on a 1 to 1 ratio following the share capital reduction.

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 Quality, Health, Safety and Environment (QHSE), 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: +4722402705

or

Nils Haugestad
CFO SeaBird Exploration
Phone: +4722402717