Seacrest Petroleo Bermuda Limited: Update on acceleration of indebtedness under senior unsecured Nordic bonds

21 Jan 2025 16:30 CET

Rio de Janeiro, Brazil/Hamilton, Bermuda, 21 January 2025: Reference is made
to the announcement made this morning by Seacrest Petroleo Bermuda Limited
("Seacrest Petroleo" or the "Company") of the acceleration of indebtedness
under the Company's 16.00% senior unsecured USD 120,000,000 bonds 2024/2027
(the "Bonds").

Nordic Trustee AS, the trustee for the Bonds (the "Bond Trustee"), has this
afternoon notified the Company that the Bond Trustee has:

1. declared the outstanding Bonds, together with accrued interest and all
other amounts accrued or outstanding under the Finance Documents for the
Bonds, to be in default and due for immediate payment; and
2. enforced the Bond Trustee's rights under the debt service reserve account
pledge for the Bonds and transferred the funds standing to the credit of
that account to the Bond Trustee on behalf of the bondholders.

A copy of the notice received from Nordic Trustee accompanies this
announcement.

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
2025-01-21 16:30 CET.

More information:
Access the news on Oslo Bors NewsWeb site

636887_Notice Of Enforcement On DSRA From Bond Trustee To Seacrest Petroleo Bermuda Limited (210125).pdf
636887_Seacrest Petroleo Bermuda Limited- Update on acceleration of indebtedness under senior unsecured Nordic bonds.pdf