15 Jan 2025 23:45 CET

Issuer

Seacrest Petroleo Bermuda Limi

Rio de Janeiro, Brazil/Hamilton, Bermuda, 15 January 2025: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") announces that late
this afternoon, without any prior warning or discussion with the Company, the
lenders under its US$300 million Kraken Credit Agreement delivered a notice of
acceleration of all indebtedness under the Credit Agreement and immediately
enforced a pledge of shares of the Company's subsidiary Seacrest Petroleo
Cricare Bermuda Limited, thereby taking control of the Company's principal
assets and appointing the lenders' representatives as directors of the
Company's subsidiaries. Jose Cotello, CEO and a director of the Company,
resigned as CEO and a director with immediate effect.

As disclosed by the Company in its announcements made on 9 November, 11
December and 23 December 2024, the lenders had previously entered into
forbearance agreements with the Company's subsidiaries in relation to the
Credit Agreement and the Company was in active discussions with the lenders
regarding the extension of those forbearance arrangements. As disclosed by the
Company in its announcement made on 28 November 2024, the Company had also
entered into an indicative term sheet with Trafigura regarding a US$140
million prepayment facility.

For further information, please contact:

John de los Santos, Head of Investor Relations
Seacrest Petroleo Bermuda Limited
Tel. +44 79 4971 4756
john.santos@seacrest.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.

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
2025-01-15 23:45 CET.


636583_Seacrest Petroleo Bermuda Limited- Lenders enforce Share Pledge and Take Control of Business.pdf

Source

Seacrest Petroleo Bermuda Limited

Provider

Oslo Børs Newspoint

Company Name

SEACREST PETROLEO BERMUDA LIMITED, Seacrest Petroleo Ltd 24/27 16,00% USD C

ISIN

BMG7947V2045, NO0013134759

Symbol

SEAPT

Market

Euronext Expand Nordic Alternative Bond Market