SeaBird Exploration : _ Pareto Securities Energy Conference 2023

SeaBird Exploration

Pareto Energy Conference 2023

Ståle Rodahl, Executive Chairman

Forward-looking statements

All statements contained in this presentation that are not statements of historical facts, including statements on projected operating results, financial position, business strategy and other plans and objectives for future results, constitute forward-looking statements and are prediction of, or indicate, future events and future trends which do not relate to historical matters. No person should rely on these forward- looking statements because they involve known and unknown risks, uncertainties and other factors which are, in many cases, beyond the company's control and may cause its actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by the forward-looking statements and from past results, performance or achievements. These forward-looking statements are made as of the date of this presentation and are not intended to give any assurance as to future results. None of the company, its employees and representatives assumes any obligation to update these statements. This presentation includes historical financial data. Your attention is directed to the notes to such data for a description of the accounting principles used to prepare historical data. This presentation must be viewed only in connection with the company's separately distributed earnings release.

19.09.2023 - page 2

SeaBird Exploration Plc

• Only pure play OBN source company listed globally
• Headquartered in Bergen
• Listed in Oslo under ticker SBX NO
• Market Cap.: USD 39m

• NIBD:

USD 15m

• Strong backlog - recently won a 2-yearOBN source contract with a Tier 1 client
• Company approaching next phase
  - capital distribution

Eagle	Fulmar	Equipment
Explorer	Explorer
OBN Source	OBN Source	Can equip one
2D		2D and one
	OBN source,
		alternatively
		two OBN
		source

19.09.2023 - Page 3

Global OBN market sees structural growth

• OBN market has grown 20% p.a the last 7 years, hitting new highs while overall seismic market is down more than 50% over the same period
• OBN now accounts for ~40% of overall seismic spending
• Structural growth in OBN:
• • In-field
  • Near-field
  • 4D
• «We continue to drive down unit cost. Ocean Bottom Seismic now is being deployed widely across our portfolio, giving a better view of the barrels that remain.»
• 
  BP Q4 2022 conference call

								Global OBN market (USDbn)
1.8
1.6
1.4																	15%
1.2
														25%		YoY
1.0
															YoY
0.8													25%
													YoY
0.6
0.4
0.2
0.0
2016	2017	2018	2019	2020	2021	2022		2023e		2024e

% of the conventional offshore seismic market

45%											41%	39%	43%	42%
40%
35%							29%	30%
30%					27%
25%			23%
20%
15%	12%
10%
5%
0%
2016	2017	2018	2019	2020	2021	2022		2023e		2024e

Source: ABG Sundal Collier

19.09.2023 - Page 4

OBN source supply shrinking

35

18

2018/2019

Current

Active Idle Laid Up

• Current fleet of active source vessels consists of 13 vessels*
• We see a potential of 2 additional vessels available on relatively short notice
• Laid up fleet total 5 vessels
• • 2 are older than 30 years
  • 3 are 3D streamer vessels → streamer projects
• Vessels leaving the industry
• The comparable fleet in 2018/2019 was 35 vessels.
• Active fleet reduced by >60%

• This is the "free" fleet competing for work globally, excluding Russian and Chinese vessels due to limitations and also "inhouse" vessels from integrated players not being offered to competitors

19.09.2023 - Page 5