Release details

2018-04-05 11:38 CEST
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SeaBird Exploration Plc: annual report 2017

5 April 2018, Limassol, Cyprus

SeaBird Exploration is pleased to announce the release of the company's annual report 2017. The report is attached hereto and is in addition available for viewing or download at www.sbexp.com.

The annual report 2017 includes the following changes compared to the preliminary results published on 23 February 2018 as part of the fourth quarter 2017 report. The company reversed $1.0 million in tax and related liability provisions. Consequently, profit (loss) improved by $1.0 million and current liabilities were reduced by $1.0 million.

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:

Christophe Debouvry
CEO SeaBird Exploration
Phone: +47 22402705

or

Nils Haugestad
CFO SeaBird Exploration
Phone: +47 22402717
HUG#2182062