SeaBird - Divestment of the Ocean Bottom Node Business - Detailed Announcement

Cyprus, 24 November 2011

Reference is made to announcement of 18 October 2011. This announcement is
prepared and published in accordance with section 3.4.1 and 3.4.2 of the
Continuing Obligations of stock exchange listed companies.

SeaBird Exploration PLC ("SeaBird") has entered into a share and purchase
agreement (the "SPA") with Fugro Norway AS ("Fugro") on 18 November 2011. Under
the SPA, Fugro will acquire SeaBird Technologies AS and Seabed Navigation
Company Limited which collectively hold all of the Company's rights and assets
related to the ocean bottom node ("OBN") business for the agreed acquisition
price of USD 125 million (the "Transaction"), payable in cash. The time for
closing of the Transaction is not defined, but is expected within two to four
weeks.

SeaBird Technologies AS is a seismic operator within multi-component (4D) ocean
bottom seismic. The Board consists of Timothy Isden, Kjell Mathiassen, Thor
Higraff and Eivind Berg. The CEO is Geir Olav Øverkil. The company had 19
employees as of year-end 2010. Seabed Navigation Company Limited is operating a
Cyprus-flagged vessel providing proprietary seismic surveys. The Board of
Directors consists of Timothy Isden, Kjell Mathiassen, Jan-Eivind Fondal and
Helen Georgiades. All crew members of Seabed Navigation Company Limited are
hired in from other companies, and the company therefore had no employees at
year-end 2010.

The impact of the transaction for SeaBird is that it will realize significant
sales proceeds. The Transaction means that SeaBird has exited the OBN market.
SeaBird has, however, an excellent record in the 2D and smaller streamer
configuration 3D market, and will seek to capitalize on this position going
forward. In 2010, the OBN business constituted 55% of SeaBird's consolidated
revenues. The OBN business had a profit of USD 13.5 million in 2010. SeaBird's
consolidated result was a loss of USD 55.9 million in 2010. Key adjusted figures
are taken from management accounts after adjustment for intercompany revenue and
cost transfers where OBN contractual party has been a subsidiary other than
Seabed Navigation Company Limited or SeaBird Technologies AS. Details are
provided in the attachments, a summary here below.



Key P&L items       SBX Statutory 2010 OBN 2010 Statutory OBN 2010 Adjusted

                              USD 1000           USD 1000          USD 1000


Revenue                        197,026             87,859           107,809
                   --------------------------------------------------------
EBITDA                          37,323             27,366            32,822
                   --------------------------------------------------------
Depreciation                  (56,618)           (16,164)          (12,647)

Impairment                    (10,506)                  0                 0
                   --------------------------------------------------------
EBIT                          (29,801)             11,202            20,175
                   --------------------------------------------------------
Net financial items           (16,607)            (1,831)           (1,817)
                   --------------------------------------------------------
Profit before tax             (46,408)              9,371            18,358
                   --------------------------------------------------------
Tax                            (9,528)            (4,269)           (4,869)
                   --------------------------------------------------------
Net profit                    (55,936)              5,102            13,489
                   --------------------------------------------------------



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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