Seacrest Petroleo Bermuda Limited: Approval of covenant waivers by bondholders and banks

29 Aug 2024 08:30 CEST

Rio de Janeiro, Brazil/Hamilton, Bermuda, 29 August 2024: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") today announces that it
obtained covenant waiver approvals from holders of its senior unsecured Nordic
bonds and the lenders under its US$300m Credit Agreement.

Leverage ratio covenant waivers

Late yesterday, bondholders representing over 2/3 of the Company's Nordic
bonds approved a proposal to waive leverage ratio covenants for Q2 2024 and,
subject to certain conditions, Q3 2024. A notice from Nordic Trustee AS
confirming approval of the resolution by the bondholders is attached.

Earlier in the month, the Company obtained Q2 and Q3 2024 leverage ratio
covenant waivers on substantially similar terms from the lenders under the
Company's US$300m Credit Agreement.

For further information, please contact:

Torgeir Dagsleth, CFO
Seacrest Petroleo Bermuda Limited
Tel. +47 958 91 970
E-mail: torgeir.dagsleth@seacrest.com

John de los Santos, Head of Investor Relations
Seacrest Petroleo Bermuda Limited
Tel. +44 79 4971 4756
E-mail: john.santos@seacrestpetroleo.com

This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act and the Euronext Rule Book part
II.

About Seacrest Petroleo

Seacrest Petroleo is an independent oil and gas production company with an
integrated portfolio of onshore producing oil fields and export infrastructure
onshore in Espírito Santo, Brazil. The fields have estimated oil and gas in
place volumes of 1.2 billion barrels of oil equivalents and certified 2P
reserves of 144 million barrels of oil equivalents. The Company has exclusive
control over its infrastructure, continuously from field production to
offshore tanker loading terminal, allowing for cost-effective operations, and
enabling direct access to markets for its premium grade products. The Company
has offices in Bermuda, Norway and Brazil.

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2024-08-29 08:30 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

626523_Seacrest Petroleo Bermuda Limited- Approval of covenant waivers by bondholders and banks.pdf
626523_Notice From Written Resolution.pdf