Slide 1: SeaBird Exploration Second Quarter Presentation
SeaBird Exploration Second Quarter Presentation 16 August 2013 CEO Dag Reynolds CFO Nils Haugestad
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 $40.2 million * EBITDA of $3.7 million + EBIT of negative $2.4 million Quarterly observations * Geo Pacific commenced production — Completed first survey; follow-on contract in same region occupies vessel through Q3 — Vessel successfully operates with 8 str
Slide 4: Financial summary
Financial summary
Slide 5: Historical operating comparison
Historical operating comparison 60 Revenues EBITDA (USD millions) 20 (USD millions) 18 50 16 40 14 12 30 10 20 8 é 3.7 10 4 : | O+ O+ Q212 Q4 12 Q213 contract r revenue nat cients revenue Capital expenditure Vessel utilization (USD millions) 100% 8 90% 88% 6.8 80% 79% $ 70% 60% 4 4.2 37 50% 40% 2 30
Slide 6: Quarterly vessel utilization
Quarterly vessel utilization Vessel utilization High multi-client activity compared to the previous quarter 80% * Contract utilization reduced as we look to build the multi-client library * Repositioning of vessels 50% — Two vessels in the Asia Pacific region transiting to new contracts — Geo Pacifi
Slide 7: Income statement
Income statement CONSOLIDATED INTERIM STATEMENT OF INCOME Contract Multi-client Total revenues Cost of sales SG8A Other income (expenses), net EBITDA Depreciation Amortization EBIT Interest and finance expense Income tax Profit/(loss) Earnings per share from continued operations Basic Diluted Sy Sea
Slide 8: Cash flow statement
Cash flow statement CONSOLIDATED INTERIM STATEMENT OF CASH FLOW All figures in USD millions Profit/ (loss) before income tax (49) 48 (2.9) (7.4) Non cash items 73 120 161 26.1 Working capital changes 8.4 (11.8) 55 (8.2) Net cash from operating activities 10.8 5.0 187 10.5 Capital expenditures (37) (
Slide 9: Balance sheet
Balance sheet CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION millions Property, plant and equipment 130.5 134.4 130.8 Multi-client library 60 96 3.4 Other non-current assets 13 13 13 Inventories 58 AS 39 Trade receivables 23.0 329 33.1 Other current assets 19.1 128 10.2 Cash and cash equivalen
Slide 10: Multi-client operations
Multi-client operations ° Multi-client sales in the quarter of Multi-client revenues by quarter $4.0 million 80 (USD millions) — Primarily related to recently 7.0 completed surveys 6.0 51 5.0 . + + + 4.0 « Multi-client investment was $5.5 40 million in the quarter So 0.1 — Sngspurv 2D survey in the
Slide 11: Funded debt review
Funded debt review USD millions AP +60 Equity ratio Cash 30 June 2013 $2.6 25.8% $13.8 Restrictions AP +60 Equity ratio Cash 30 June 2013 <$5.0 22.5% >$10 Funded debt profile (USD millions) 120 100 80 60 40 20 o4 Face value Book value ™Bond loan - SBX 03 _m Perestroika convertible loan = Hawk Explor
Slide 12: Operational review and outlook
Operational review and outlook
Slide 13: Segment operating activity
Segment operating activity Contract revenue by region 2D/3D contract revenues (USD millions) (USD millions) 60.0 60.0 50.0 50.0 40.0 40.0 30.0 30.0 20.0 20.0 10.0 10.0 0.0 0.0 Q2 2012 Q3 2012 Q4 2012 Ql 2013 Q2 2013 Q2 2012 Q3 2012 Q4 2012 Ql 2013 Q2 2013 mEAME mNSA = APAC m3D =2D * We are seeing go
Slide 14: Market pricing observations
Market pricing observations 2D High end 3D Low end (USD thousand) (USD thousand) $120 $180 $1go $180 170 120 $110 $110 $110 ga10 180 $170 $170 $ 100 160 100 $ $140 $140 $85 $85 140 $120 80 4 $75 120 100 60 80 40 60 40 20 20 0 0 Q211 Q3ll Q4ll Ql12 Q212 QB12 Q412 QlI3 Q213 Q211 Q3ll Q4ll QI12 Q212 QB
Slide 15: Multi-client strategy
Multi-client strategy * Optimize fleet utilization and capitalize on attractive investment opportunities « Will generally look to partner with other industry participants * Three projects to date in 2013; additional projects under review for second half of the year ¢ Will require time and investment
Slide 16: Sngaspurv 2D multi-client survey
Sng@spurv 2D multi-client survey 6,300 km 2D survey in the Barents Sea in partnership with : : : f Searcher Seismic South-East Completed July 2013; processed data available to clients from Q4 2013 Well-tie survey linking geology from Barents Sea West to Barents Sea Southeast a SeaBird Exploration 16
Slide 17: Namibia 2D multi-client survey
* 5,400 km 2D survey in Namibia in partnership with GeoPartners * Completed July 2013; processed data available to clients from Q4 2013 ¢ Project is funded by existing operators *« New block partners trigger additional data sales Sy SeaBird Exploration Namibia 2D multi-client survey 1708 | 1709 1712
Slide 18: Contract status and outlook
Contract status and outlook + 3D updates May June July Aug - Geo Pacific initial Caribbean contract completed mid-July; immediately mobilized for new survey within the region — Voyager Explorer repositioned Osprey (NSA) Harrier (Barents Sea) from Australia to Southeast Asia Hawk (NSA) Aquila (South