Successful completion of private placement

20 December 2013, Limassol, Cyprus

SeaBird Exploration Plc ("SeaBird" or the "Company") 
is pleased to announce the successful completion of a 
private placement of 12,000,000 new shares 
(the "Private Placement") directed towards Norwegian 
and international institutional investors after the 
close of the Oslo Stock Exchange on 19 December 2013. 
The over-subscribed placement was made at a 
subscription price of NOK 3.00 per share. Total gross 
proceeds from the Private Placement are NOK 36.0 
million and will be used to strengthen the Company's 
balance sheet and liquidity position.  

Following the registration of the new shares, the 
Company will have 57,581,246 shares outstanding. The 
Company has entered into a share lending agreement 
with existing shareholders and the Private Placement 
will be settled with borrowed shares that will be 
tradable immediately. Payment and delivery of 
allocated new shares to the investors is expected to 
be on or about 30 December 2013.

The Board of Directors of SeaBird has decided to 
carry out a subsequent offering of 3,000,000 shares 
at NOK 3.00 per share as in the Private Placement, 
directed towards the Company's shareholders as of 19 
December 2013 (as documented by the shareholder 
register in the VPS on 27 December 2013) i) not being 
offered or invited to participate in the Private 
Placement or ii) holding less than 1,500,000 shares 
as of 19 December 2013 and not participating in the 
Private Placement. The subscription rights will not 
be tradable. 

The shares will trade excluding the right to 
participate in the subsequent offering from 20 
December 2013.

ABG Sundal Collier Norge ASA acted as manager for the 
Private Placement.

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.

For further information, please contact:

Dag Reynolds, CEO, tel. +47 908 83 737
Nils C Haugestad, tel. +971 4 427 1700

     * * *

Important notice:

This announcement is not an offer for sale of 
securities in the United States or any other country 
in which such offer would be unlawful or would 
require prospectus, registration or other measures. 
The securities referred to herein have not been 
registered under the U.S. Securities Act of 1933, as 
amended (the "U.S. Securities Act"), and may not be 
sold in the United States absent registration or 
pursuant to an exemption from registration under the 
U.S. Securities Act. SeaBird does not intend to 
register any portion of the offering of the 
securities in the United States or to conduct a 
public offering of the securities in the United 
States. Copies of this announcement are not being 
made and may not be distributed or sent into the 
United States, Canada, Australia, Hong Kong, Japan or 
any other jurisdiction in which such distribution 
would be unlawful or would require registration or 
other measures.

In any EEA Member State that has implemented 
Directive 2003/71/EC (together with any applicable 
implementing measures in any member State, 
the "Prospectus Directive"), this communication is 
only addressed to and is only directed at qualified 
investors in that Member State within the meaning of 
the Prospectus Directive.

This announcement is only directed at (a) persons who 
are outside the United Kingdom; or (b) investment 
professionals within the meaning of Article 19(5) of 
the Financial Services and Markets Act 2000 
(Financial Promotion) Order 2005 (the "Order"); or 
(c) persons falling within Article 49(2)(a) to (d) 
("high net worth companies, unincorporated 
associations, etc.") of the Order; or (D) persons to 
whom any invitation or inducement to engage in 
investment activity can be communicated in 
circumstances where Section 21(1) of the Financial 
Services and Markets Act 2000 does not apply.

Certain statements included within this announcement 
contain forward-looking information, including, 
without limitation, those relating to (a) forecasts, 
projections and estimates, (b) statements of 
management's plans, objectives and strategies for 
SeaBird, such as planned expansions, investments or 
other projects, (c) costs, capacities or rates, start-
up costs, cost reductions and profit objectives, (d) 
various expectations about future developments in 
SeaBird's markets, particularly prices, supply and 
demand and competition, (e) results of operations, 
(f) margins, (g) growth rates, (h) risk management, 
as well as (i) statements preceded 
by "expected", "scheduled", "targeted", "planned", "pr
oposed", "intended" or similar statements. Although 
we believe that the expectations reflected in such 
forward-looking statements are reasonable, these 
forward-looking statements are based on a number of 
assumptions and forecasts that, by their nature, 
involve risk and uncertainty.

Various factors could cause our actual results to 
differ materially from those projected in a forward-
looking statement or affect the extent to which a 
particular projection is realized.

No assurance can be given that such expectations will 
prove to have been correct. SeaBird disclaims any 
obligation to update or revise any forward- looking 
statements, whether as a result of new information, 
future events or otherwise.

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