Seacrest Petroleo Bermuda Limited: Forbearance Agreement reached with lenders

09 Nov 2024 20:32 CET

Rio de Janeiro, Brazil/Hamilton, Bermuda, 9 November 2024: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") announces that, as part
of its plan to comprehensively restructure the Group's balance sheet, it
entered last night into a forbearance agreement with the lenders party to its
US$300 million credit facility.

Pursuant to the forbearance agreement, the consenting lenders have agreed not
to exercise any voting rights, or take any other actions, in respect of
certain events of default that may arise under the US$300 million credit
facility as a result of the Company's subsidiaries not making an interest
payment or complying with certain other covenants, until and including the
earlier of 3 December 2024 and any termination of the agreement. The Company
expects to hold similar discussions with holders of its US$120 million senior
unsecured Nordic bonds.

One of the purposes of the forbearance agreement is to allow the Company
sufficient time to complete the transactions with MBD Partners SA and
Trafigura announced by the Company on 30 October 2024, as well as to enable
the Company to refinance the Group's US$300 million credit facility.

For further information, please contact:

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 in article 19 of
the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12
of the Norwegian Securities Trading Act.

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.

Important information

Matters discussed in this press release may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believes",
"continue", "estimate", "expect", "intends", "may", "should", "will" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its
control. Such risks, uncertainties, contingencies and other important factors
could cause actual events to differ materially from the expectations expressed
or implied in this release by such forward-looking statements. The
information, opinions and forward-looking statements contained in this release
speak only as at the date of this release and are subject to change without
notice.

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2024-11-09 20:32 CET.

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631766_Seacrest Petroleo Bermuda Limited- Forbearance Agreement reached with lenders.pdf