SeaBird In Talks to Strengthen Financial Position

Seabird has entered into discussions with key stakeholders including Norsk Tillitsmann ("NTM"), on behalf of the bondholders, in respect of evaluating several alternatives to strengthen SeaBird's financial position going forward, hereunder to establish a new financing structure for SBX. With the objective to conclude these discussions to the benefit of all stakeholders, SBX informs that interest and principal payments under the SBX01 RET bond agreement due September 14, 2011, will not be paid as scheduled. SeaBird hopes to finalize discussions with all stakeholders within the regulated grace period in the loan agreement of five business days and will summons to a bondholders' meeting shortly thereafter.

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