SeaBird Exploration Plc: Announcement of new Chairman

12 March 2014, Limassol, Cyprus

The Chairman of the Board of Directors of SeaBird Exploration Plc (the "Company"), Mr. Henrik Christensen, has advised the Board of Directors and the Company's Nomination Committee that, due to other commitments, he does not wish to be re-elected to the Board of Directors at the next annual general meeting of the Company.

The Nomination Committee has performed a search of suitable candidates, and has resolved to propose that Mr. Åge Korsvold is elected as new Chairman. The proposal has been discussed with Mr. Christensen, the Board of Directors and certain principal shareholders, who support such proposal. Åge Korsvold is currently a board member of i.a. Timex Group B.V., Sapa AS, Green Resources AS, and Aweco Invest AS. Previous engagements include roles as CEO of Orkla, Kistefos and Storebrand.

Given that the proposal for a new Chairman of the Board of Directors has already been agreed, Mr. Christensen, the Board of Directors and the Nomination Committee has agreed that there is no reason to postpone implementation of the proposal until the annual general meeting, scheduled for 13 May 2014. On such basis, the Board of Directors has today resolved to call for an extraordinary general meeting where it is proposed to change the Board of Directors as indicated above. A complete call for the extraordinary general meeting including the date and the venue will be published as soon as practicable.

If the proposal is approved, the Board of Directors will consist of Åge Korsvold (Chairman), Kitty Hall, Kjell Mathiassen, Melvin Teigen and John Olav Økland. The Nomination Committee proposes no change to the remuneration currently payable to the chairman of the Board, however, so that in the event that the work of the Chairman exceeds 10 full working days per year, the Chairman shall be entitled to invoice the Company an additional amount for each such full working day. The Nomination Committee will issue its formal recommendation in due course. 

The Board of Directors extends its gratitude to Mr. Christensen for his service, dedication and leadership in his period as Chairman of the Board of Directors in a demanding phase for the Company.

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.

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

For further queries contact:
Dag Reynolds
CEO SeaBird Exploration
Phone: +47 90883737

Nils Haugestad
CFO SeaBird Exploration
Phone: +971 4 427 1700