Seacrest Petroleo Bermuda Limited: Event of Default on USD 120 million senior unsecured Nordic bonds

09 Dec 2024 16:25 CET

Rio de Janeiro, Brazil/Hamilton, Bermuda, 9 December 2024: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") announces that Nordic
Trustee AS, the bond trustee (the "Bond Trustee") for the Company's 16.00%
senior unsecured USD 120,000,000 bonds 2024/2027 (the "Bonds"), has today
notified bondholders that an Event of Default has occurred as a result of the
Company's failure to (i) deliver convertible bonds to the bondholders or (ii)
fund the debt service reserve account for the Bonds up to an amount equal to
18 months of interest on the Bonds in cash, no later than 5 business days
following 30 October 2024, as required by the Written Resolution approved by
the bondholders on 19 September 2024 in accordance with the summons for a
Written Resolution dated 13 September 2024.

In its announcement, a copy of which accompanies this press release, the Bond
Trustee has stated that as the Event of Default has not been remedied or
waived within the applicable grace period under the Bond Terms, the Event of
Default is continuing. At the date hereof, the Bond Trustee has not declared
the outstanding Bonds (including accrued interest and expenses) to be due for
immediate payment, but reserves the right to do so at any time, without
further notice or grace periods.

The Company is engaged in ongoing discussions with bondholders regarding a
forbearance arrangement.

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 17 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
2024-12-09 16:25 CET.

More information:
Access the news on Oslo Bors NewsWeb site

634182_Seacrest Petroleo Bermuda Limited- Event of Default on USD 120 million senior unsecured Nordic bonds.pdf
634182_NO0013134759 IB 20241209.pdf