Extension of grace period

Cyprus, 5 October 2011

Extension of grace period

Reference is made to the stock exchange notices dated 
14, 21, 28 September 2011 and to the stock exchange 
notice dated 3 October 2011 related to the 
contemplated sale of the OBN Business to Fugro Norway 
AS ("Fugro"). Seabird Exploration PLC ("SeaBird" 
or "SBX") is currently working to facilitate the due 
diligence process with Fugro. Based on the ongoing 
due diligence process and dialogue with key 
stakeholders, Norsk Tillitsmann ASA has granted an 
extension of the grace period with ten business days, 
bringing the payment date to 19 October 2011. The 
extension is given on the condition that interest and 
default interest will accrue pursuant to the bond 
agreement. The extension may be terminated at any 
time upon (i) the receipt by the Bond Trustee of a 
written instruction from the appropriate number of 
the voting bonds to revoke the extension of the grace 
period, or (ii) a bondholders' meeting resolves to 
revoke the extension of the grace period.

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 Act.