Seacrest Petroleo Bermuda Limited: Event of default under subordinated convertible USD 28,658,438 bonds 2024/2027

27 Jan 2025 16:30 CET

Rio de Janeiro, Brazil/Hamilton, Bermuda, 27 January 2025: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") announces that Nordic
Trustee AS (the "Bond Trustee"), the trustee for the Company's subordinated
convertible USD 28,658,438 bonds 2024/2027 (the "Bonds"), has informed the
Company that the Bond Trustee believes an event of default has occurred under
the terms for the Bonds. The Bond Trustee has stated that it will not serve a
default notice on the Company without an instruction from a simple majority of
the voting Bonds, which has not yet occurred.

A copy of the notice received from the Bond 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
2025-01-27 16:30 CET.

More information:
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637225_Seacrest Petroleo Bermuda Limited- Event of default under subordinated convertible USD 28,658,438 bonds 2024-2027.pdf
637225_NO0013326132 IB 20250127.pdf