SeaBird Exploration Plc: Osprey Explorer contract extension in North America

SeaBird Exploration Plc ("SeaBird") is pleased to announce that TGS-NOPEC Geophysical Company extended the ongoing project performed by Osprey Explorer in North America by 45 days. Cessation of the extended contract is expected to be late February / early March 2015. Estimated contract value is about USD3.2 million.

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.

With reference to the announcement on 1 October 2014 on the company's refinance efforts; pending further clarification, SeaBird has requested that Oslo Børs maintains suspension of its shares and SBX03 bonds.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For further queries contact:
Dag Reynolds
CEO SeaBird Exploration
Phone: +47 90883737

Nils Haugestad
CFO SeaBird Exploration
Phone: +971 4 427 1700