SBX - Extension of grace period

Cyprus, 23 November 2011

Extension of grace period

Reference is made to earlier stock exchange notices regarding extension of grace
period and the stock exchange notice dated 18 November 2011 regarding the
agreement for financial restructuring and industrial partnership.  Based on the
ongoing process of completing the Restructuring Plan, as described in the stock
exchange notice dated 18 November 2011, Norsk Tillitsmann ASA has granted
extensions of the SBX01 RET (ISIN: NO 001 032604.4) and the SBX02 RET (ISIN: NO
001 0353915) grace periods, bringing the payment date to the date where a
Bondholders' Meeting is held for SBX01 and SBX02. The extension is given on the
condition that interest and default interest will accrue pursuant to the Bond
Agreement, and that a summons for a Bondholders' Meeting for SBX01 and SBX02 is
published by 28 November 2011. 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


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.



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