15 October 2018, Limassol, Cyprus

The Board of directors of SeaBird Exploration Plc has approved an employee share option plan for a maximum of 28.4 million share options to be allocated to current and future employees. This follows the significant reduction in the base salary and bonus scheme of the Company's employees as implemented late 2017 and as part of the 2017 refinancing.

The share option plan has a duration of three years from grant date. One third of the options granted will vest one year after the grant date, one third of the options granted will vest two years after the grant date and the remaining one third of the options granted will vest three years after the grant date. All options may be exercised at any time within one year from the corresponding vesting dates.

A total of up to 25.3 million options are granted as of 12 October 2018 and will have an exercise price of NOK 2.40 for the tranche vesting one year after grant date, NOK 2.65 for the tranche vesting two years after the grant date and NOK 2.90 for the tranche vesting three years after the grant date.

The following primary insiders have been granted options:

Chief Executive Officer, Hans Petter Klohs is awarded 3,600,000 options. Holding after the allocation is 220,000 shares and 3,600,000 options in the company.

Chief Operating Officer, Finn Atle Hamre is awarded 2,600,000 options. Holding after the allocation is 52,500 shares and 2,600,000 options in the company.

Chief Financial Officer, Nils Haugestad is awarded 2,600,000 options. Holding after the allocation is 800,000 shares and 2,600,000 options in the company.

Chief Commercial Officer, Gunnar C. Jansen is awarded 2,600,000 options. Holding after the allocation is 0 shares and 2,600,000 options in the company.

VP Business Development, Kjell Mangerøy is awarded 1,500,000 options. Holding after the allocation is 452,501 shares and 1,500,000 options in the company.

VP Operations, Steinar Fjeldbo is awarded 800,000 options. Holding after the allocation is 0 shares and 800,000 options in the company.

Group Controller, Eirik Underthun is awarded 800,000 options. Holding after the allocation is 0 shares and 800,000 options in the company.

Legal Counsel, Myria Georgiou is awarded 400,000 options. Holding after the allocation is 0 shares and 400,000 options in 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 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:

Hans Petter Klohs
CEO SeaBird Exploration
Phone: +47 22402718   

or

Nils Haugestad
CFO SeaBird Exploration
Phone: +47 22402717