Monday 29 April 2019

Reference is made to the stock exchange release by SeaBird Exploration Plc published on 11 April 2019 regarding the exclusive process to acquire the BOA Vessels and issuance of new shares as consideration to certain BOA SBL bondholders.

The Company announced that the requisite majority of BOA SBL bondholders has approved the sale of the BOA Vessels to SeaBird, and that in total 46,110,745 SeaBird shares (corresponding to NOK 55.3 million) will be issued as consideration to the BOA SBL bondholders. The transaction remains subject to the conditions described in the Release.