SBX Seabright Holdings, Inc.

30 April 2015, Limassol, Cyprus

Reference is made to previous press releases regarding the restructuring (the "Restructuring") of SeaBird Exploration PLC (the "Company"), i.a. the press release dated 3 March 2015 where the Company announced the issue of 6,015,693 preference shares (the "Preference Shares") at a par value of $0.1. Each Preference Share is automatically convertible into 500 common shares following a reduction of the Company's authorized and issued share capital, through the reduction of the nominal value of its shares from US$0.1 to US$0.0001 (the "Reduction") and issue by the Registrar of Companies in Cyprus of the relevant certificate confirming the Reduction.

SeaBird hereby announces that the Reduction has today been completed, and each of the Preference Shares has therefore been converted to 500 ordinary shares. Hence, the Company's share capital consists of 3,065,427,746 ordinary shares of a nominal value of US$0.0001 each (and no Preference Shares). In addition, the Company has issued 1,769,375 warrants (also due for a 500:1 conversion), convertible into 884,687,500 ordinary shares at a fixed subscription price of NOK 0.10 per ordinary share. The NOTC trading of the Preference Shares will be cancelled as a result of the conversion.

The new ordinary shares that have been issued upon conversion of the Preference Shares remain on the Company's separate ISIN pending completion of the conversion in VPS. The new ordinary shares are therefore not yet listed on the Oslo Stock Exchange. They are expected to be listed on the Oslo Stock Exchange after a settlement period in the VPS, currently expected to be on or around 7 May 2015. The Company will give an announcement on the effective day of the listing of the new ordinary shares.

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

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