SBX: UPDATE ON STRATEGY AND FINANCING

UPDATE ON STRATEGY AND FINANCING

In reference to the Strategy Update released on November 7th last year, Seabird
Exploration Plc announces the following:
The Company has entered into a MUSD 16 three year secured credit facility with
Sparebank 1 SMN.  The proceeds from the loan will be used to repay the SBX04
bond loan expiring in June, and to outfit the “Fulmar Explorer” for seismic
operations.  The outfitting project will commence in Q1 with an expected
duration of 3 months.  Marketing of the “Fulmar Explorer” will begin
immediately. 
The Company has signed a 2 years plus 2x1 year options “pay as you work”
flexible charter agreement with Uksnøy & Co AS for the 2007-built «Geo Barents».
 The vessel will be equipped for source, 2D and niche 3D work with expected
availability ultimo March.  The company will begin marketing the vessel
immediately for work commencing in April or later.
Furthermore, the Company has decided to decommission the 1985-built «Osprey
Explorer» and recycle the in-sea seismic equipment to the “Geo Barents”.  A
final decision on the «Harrier Explorer» will be taken well before the next
special survey.
Through these initiatives, the Company will have an upgraded fleet of 6 owned
and chartered vessels, enabling the Company to offer its clients a modern and
competitive fleet in its industry segments.  Furthermore, the initiatives will
allow the Company to operate with a more flexible cost base, where the modern
owned vessels offers a competitiveness that allows for a  significant base
utilization while the chartered vessels provides flexibility as activity levels
fluctuates.  Together with the previously announced restructuring and cost
reduction program, this will ensure a stronger, leaner and more competitive
Seabird for the benefit of our clients and shareholders in the years to come.  

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 Quality, Health,
Safety and Environment (QHSE), 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. 
For further queries contact:

Ståle Rodahl
Executive Chairman
+47 48 40 05 93

Gunnar Jansen
CEO (acting)
+47 94 11 91 91