Slide 1: SeaBird Exploration First Quarter Presentation
SeaBird Exploration First Quarter Presentation 3 May 2013
Slide 2: Forward-looking statements
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 an
Slide 3: Highlights
Highlights Financial results *« Revenues of $48.6 million, an increase of 42% compared to Q1 2012 and up 39% relative to Q4 2012. * EBITDA of $11.1 million, compared to $2.9 million for Q1 2012 and up from $6.8 million in Q4 2012 * EBITDA adjusted for Geo Pacific start-up costs were $16.0 million in
Slide 4: Financial summary
Financial summary
Slide 5: Revenues
Revenues 60 5 (USD million) 50 48,7 455 48.6 40) aaa 34.9 30 | 20 | 10 | 0! : : : : Q112 Q2 12 Q3 12 Q4 12 Qi 13 |Contract revenue (1 Multi-client revenue Capital Expenditure (USD million) 7.0 PN WE UDA & ° [ve 12 Q2 12 03 12 aa 12 SeaBird Exploration : 6.8 4.2 4 2.5 Q113 20 15 10 100% 90% 80% 70% H
Slide 6: Q1 financial review
Q1 financial review * The EBITDA contribution from the Geo Pacific was negative $4.9 million for the quarter as the vessel was being prepared for its initial contract + Major capital cost items for the quarter included the docking and upgrade of the Geo Pacific, engine overhauls for the Voyager Expl
Slide 7: Income statement
Income statement CONSOLIDATED INTERIM STATEMENT OF INCOME Quarter ended Year ended 31 March 31 December USD millions (except for EPS) 2013 2012 2012 Contract 48.5 25.2 141.7 Multi-client 01 91 21.6 Total revenues 48.6 34.3 163.3 Cost of sales (33.1) (27.2) (103.7) Cost of multi-client sales - - (5.1
Slide 8: Cash flow statement
Cash flow statement CONSOLIDATED INTERIM STATEMENT OF CASH FLOW Quarter ended Year ended 31 March 31 December USD millions 2013 2012 2012 Profit/(loss) before income tax 2.0 (12.2) (9.3) Non cash items 8.8 14.2 44.6 Working capital changes (2.9) 3.5 (15.4) Net cash from operating activities 7.9 5.5
Slide 9: Balance sheet
Balance sheet CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION Quarter ended Year ended 31 March 31 December USD millions 2013 2012 2012 Property, plant and equipment 132.3 133.1 130.8 Multi-client library 27 12.9 3.4 Other non-current assets 13 13 13 Inventories 5.7 5.2 3.9 Trade receivables MA
Slide 10: Multi-client operations
* Minimal multi-client sales for the quarter of $0.1 million * Committed to selectively increase our investment in multi-client surveys — Better balance of supply and demand in the contract market -— Capitalize on opportunities with attractive risk reward characteristics * Multi-client survey perfor
Slide 11: Funded debt review
Funded debt review USD millions AP +60 Equity ratio Cash 31 March 2013 $0.9 26.2% $16.5 Restrictions AP +60 Equity ratio Cash 31 March 2013 < $5.0 22.5% > 510.0 Included within cash is $2.8 million restricted in connection with bank guarantees, deposits and the bond service account Funded debt profi
Slide 12: Bond refinancing update
Bond refinancing update * SeaBird Exploration Plc has mandated ABG Sundal Collier Norge ASA, Fearnley Securities AS and Pareto Securities AS to explore opportunities for the company to issue a secured bond in the Norwegian bond market * The proceeds from any potential new bond issue would be used to
Slide 13: Operational review
Operational review
Slide 14: Strong quarter for operations
Strong quarter for operations * The company delivered another quarter of solid operational performance — Technical down-time of less than 4% for the period + SeaBird has been further strengthened with the addition of experienced 3D sales, operations and offshore employees, supporting the expansion o
Slide 15: Record high quarterly contract revenues
Record high quarterly contract revenues 60 4 60 5 2D/3D contract revenue by region 2D/3D contract revenues 50 | (USD millions) 50 (USD millions) 28 22.9 40 + 40 4 75 APAC 30 | 184 30 4 m2D mNSA =3D 21+ | mEAME 20 4 “ ™ a ‘ 0 T T , T 0 Q12012 = Q22012.)Q3 2012, 42012 Q1. 2013 Qi 2012 Q2 2012 Q3 2012
Slide 16: Successful 3D multi-contract campaign
Successful 3D multi-contract campaign; — Technical downtime of less than 2% — Notable commendations and high client satisfaction Proven track record with oil companies Continuously contracted since deployment in Q3 2011 SeaBird Exploration 16
Slide 17: Enhanced offering with 6-8 streamer vessel
+ Enhanced offering with 6-8 streamer vessel targeting the 3D niche market * Geo Pacific was dry-docked and upgraded during the quarter -— Successfully performed sea trials with increased speed ¢ Mobilized for first contract commencing Q2 2013 in the Caribbean * Healthy market interest for the vesse
Slide 18: Namibia Promising Geological area
Namibia Promising Geological area Sy GeoPartners Multi-client co-operation with 2D multi-client project in partnership with GeoPartners Ltd; approximately 4,700km To be performed in Q2 2013 Strong pre-funding SeaBird Exploration 18
Slide 19: Outlook
Outlook
Slide 20: Market activity
Market activity Solid activity in both 2D and niche 3D markets Record high tender activity Source market demand showing positive developments Strong day rates continued through the quarter — Potential for increase if vessel availability remains constrained Target to balance the vessel capacity betwe
Slide 21: Regional areas of focus
Regional areas of focus ra Jt SeaBird Exploration
Slide 22: SeaBird Exploration
SeaBird Exploration