CONTEMPLATED SALE OF THE OBN BUSINESS TO FUGRO

Cyprus, 3 October 2011

SeaBird Exploration PLC ("SeaBird" or "SBX") has 
entered into an LOI with Fugro Norway AS ("Fugro") to 
sell its OBN business to Fugro. The main terms of the 
LOI are:

·Acquisition of SeaBird Technologies AS and Seabed 
Navigation Co Ltd which collectively holds all of 
SeaBird's rights and assets related to the Ocean 
Bottom Node ("OBN") business. The agreed acquisition 
price is USD 125 million on a cash and debt-free 
basis. 

·A time charter arrangement where Fugro will charter 
the 2D/source vessel "Munin Explorer" for a firm 
period of 3 years. Furthermore, Fugro will time 
charter another vessel for a firm period of 1 year, 
plus 1 year plus 1 year in charterers option. The 
contract value of the firm part of these two 
contracts will be in the range of USD ~75 million.

·The parties shall agree on a management agreement 
for services to be provided by SeaBird, including 
crew and other services required to operate the OBN 
business during a transition period. 

·Fugro has as a part of the contemplated transaction 
already acquired 11% of SeaBird Technologies AS and 
Seabed Navigation Co Ltd to improve the liquidity 
situation of SeaBird. This purchase price shall be 
deducted from the total purchase price for 100% of 
the two companies at closing. In the event that LOI 
does not lead to transaction, SeaBird is obligated to 
reacquire the shares at the same price and 
conditions. As security for a possible claim arising 
if SeaBird is not able to purchase the shares back, 
Fugro will be granted a second priority pledge on the 
remaining 89 % of the shares in both said companies. 


Fugro has been granted exclusivity until the earliest 
of 15 November 2011 and the signing of the 
transaction, which is planned for 30 October 2011. 
The transaction remains subject to a confirmatory due 
diligence, finalising details and agreement of 
definitive documentation. SeaBird is, and will after 
the contemplated transaction still be in breach of 
its loan agreements and will continue the dialog with 
key stakeholders to find longer term solutions.

Tim Isden, SeaBird's chief executive officer, 
commented: "We are pleased to have agreed the terms 
of this LOI with Fugro and look forward to its final 
conclusion in 4 to 5 weeks. This is the first step in 
a process designed to cure the financial situation, 
stabilize the Company and allow us to bring value 
back to stakeholders. That has been and still is our 
intention, and is what we will concentrate on for the 
years to come. SeaBird has an excellent record in the 
2D and smaller streamer configuration 3D market, and 
we will seek to capitalize on our position. We will 
remain very proud of the safety and performance track 
record we have established in this fast growing OBN 
market, and the client satisfaction on our surveys."


For further information, please contact:

Tim Isden
CEO SeaBird Exploration
Phone: +971 504 539075

Erik Hansen
CFO SeaBird Exploration
Phone: +47 94 87 48 47

SeaBird Exploration PLC "SeaBird" is a global 
provider of marine solutions for seabed acquisition 
of 3D/4C/4D multimode seismic data with OBN 
operations, marine 2D and 3D 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 water 2D/3D 
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