SeaBird Exploration

Pareto Securities Oil & Offshore Conference

4 September 2013

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 releases.

2

SeaBird at a glance

• Global provider of marine 2D and 3D seismic data for the oil and gas industry

• Market leader in core business segments

• Offices in Cyprus, Oslo, Dubai, Houston and Singapore

• 550 employees

• Uniquely positioned with its industry-leading Health, Safety, Security, Environment and Quality (HSSEQ) culture and accreditations

• Operational excellence ensures best-in-class performance

• Continued focus on technological development

3

Core business segments

4

• Global market leader

• Largest fleet

2D acquisition

• Natural fit with fleet composition

• Attractive market trends

Source • 4-8 streamer

market

• Smaller areas; challenging environments; shallow water

3D acquisition • Optimize fleet

utilization

• Capitalize on attractive opportunities

Multi-client

Well positioned fleet mix 2D vessels and source vessels

3D vessels

Osprey Explorer

Aquila Explorer

4 X 8000m

Northern Explorer

Voyager Explorer

4 X 6000m

Harrier Explorer

Hawk Explorer Munin Explorer

Shallow water

3D vessels

Geo Pacific, 8 X 6000m

Kondor Explorer

5

Note: Aquila Explorer is

currently operating as a

2D vessel

Blue-chip client base

Major oil

National oil

Independent oil / seismic

• History of operational excellence ensures blue-chip client base

• Leading HSSEQ systems prequalifies the company to work with most oil majors, which sets it apart from it’s competitors

6

Sales strategy

• The company is generally targeting to have a mix of long-term and short-term contracts

• We will generally look to have a portion of the fleet working on longer assignments

– Ensures a steady revenue stream

– Higher utilization

– Given the higher utilization on longer-term contracts, average revenues can prove very attractive

• A number of vessels are still targeting the short-term market segment

– Provides option to capitalize on more profitable opportunities

– A substantial portion of the 2D and niche 3D contracts are shorter term in nature

• While this mix of contract durations provides added flexibility, it can also result in idle vessel time in-between contracts

– This risk is greater in weaker market environments, but can also be a factor in more robust markets

7

• 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 to reach critical mass

Multi-client strategy

8

Snøspurv 2D multi-client survey

• 6,300 km 2D survey in the Barents Sea in partnership with Searcher Seismic

• Completed July 2013; processed data available to clients from Q4 2013

• Well-tie survey linking geology from Barents Sea West to Barents Sea Southeast

• Authorities have stated that main focus for the 23rd licensing round will be South East Barents Sea..

9

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

10

Multi-client library

Multi-client libraries with further sales potential

11

Total multi-client book value was USD 6.0 million as of 30 June 2013 All surveys are with partners; SeaBird revenue share on sales

1) Surveys with revenue share that have a capped upside (no further revenues above a certain threshold)

1)

Survey partners and country Number of km Year completed

Searcher Seismic Australia 13,213 2009 / 2011 / 2012

TGS Indonesia 7,414 2009 / 2010 / 2011

MCG Barbados 7,018 2012 / 2013

Searcher Seismic Philippines 6,850 2012

Searcher Seismic Norway (Snøspurv) 6,286 2013

Geopartners Namibia 5,424 2013

Spec Partners Norway 3,955 2010

Spectrum Gulf of Mexico 2,541 2009

Spectrum Madagascar 1,575 2012

Spectrum Namibia 1,432 2012

Historical operating comparison

12

74%

93%

64%

88% 79%

85%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q2 12 Q3 12 Q4 12 Q1 13 Q2 13

Vessel utilization

43.6 38.4 34.5

48.5 36.2

48.7 45.5

34.9

48.6

40.2

0

10

20

30

40

50

60

Q2 12 Q3 12 Q4 12 Q1 13 Q2 13

Revenues (USD millions)

Contract revenue Multi-client revenue

17.2

11.7

6.8

11.1

3.7

0

2

4

6

8

10

12

14

16

18

20

Q2 12 Q3 12 Q4 12 Q1 13 Q2 13

EBITDA (USD millions)

7.0

2.5

4.2

6.8

3.7

0

2

4

6

8

Q2 12 Q3 12 Q4 12 Q1 13 Q2 13

Capital expenditure (USD millions)

Note 1: Utilization for Q2 12 excluding GGS Atlantic was 85% Note 2: Utilization from Q2 13 includes the Geo Pacific

Regional areas of focus

13

Segment operating activity

• We are seeing good demand in all operating regions

– EAME was lower in second quarter 2013 as two vessels in the region focused on multi-client surveys

• With Voyager and Geo Pacific active, revenue related to niche 3D surveys is representing a larger share of the company’s operations

14

10.3 6.9 11.0 12.8

17.5

33.3

31.5 23.5

35.7

18.7

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013

2D/3D contract revenues (USD millions)

3D 2D

29.8 20.4

5.2 13.4

4.6

11.0

10.5

10.9

12.2

18.9

2.8

7.5

18.4

22.9

12.7

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013

Contract revenue by region (USD millions)

EAME NSA APAC

Market pricing and outlook

• Strong day rates continued through the second quarter 2013

• Pricing remains firm

• High level of tender activity in both

2D and niche 3D markets

• Backlog of about USD 100 mill

• In spite of robust seismic markets, vessel repositioning will from time to time impact utilization

15

$45 $45 $45

$60 $60 $70 $70 $70

$90 $75 $85 $85

$100

$110 $120

$110 $110 $110

0

20

40

60

80

100

120

Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13

2D High end

(USD thousand)

Low High

$75 $85 $85

$115 $115 $120 $115 $115 $120

$120

$140 $140

$170 $170 $180 $170 $180 $180

0

20

40

60

80

100

120

140

160

180

Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13

3D Low end

(USD thousand)

Low High

Source: Petrodata

Q&A

16