Seacrest Petroleo Bermuda Limited: Update on way forward and enforcing value recovery

21 Feb 2025 07:00 CET

Rio de Janeiro, Brazil/Hamilton, Bermuda, 21 February 2025: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") refers to its
announcement on 15 January 2025 concerning the acceleration by the lenders
under its US$300 million Kraken credit agreement and enforcement of the pledge
of shares of the Company's subsidiary Seacrest Petroleo Cricare Bermuda
Limited. The Company is committed to recovering on behalf of its creditors and
shareholders the difference between the aggregate value of any assets that are
sold by the Kraken lenders or their agents and the value of the debt secured
by the pledge of shares that the lenders enforced on.

After considering a variety of strategic options, the Company's Board of
Directors has determined that a provisional liquidation in Bermuda is the
optimal method of enforcing the Company's rights and recovering maximum value
for creditors and shareholders. Accordingly, the Company has requested that
the Supreme Court of Bermuda appoint representatives of EY as joint
provisional liquidators based on the firm's relevant experience and track
record of success.

The Company has reminded the lenders and their agents of their obligations
under applicable law to (a) act in good faith and in a commercially reasonable
manner when enforcing the relevant security interests granted to them by the
Company and/or exercising any power of sale, (b) obtain the best possible
price for the shares they enforced on and any other assets that are the
subject of security interests granted by the Company and its subsidiaries to
the lenders and their agents, and (c) account to the Company for any value
realized from the sale of the shares they enforced on or any other secured
assets in excess of the amount of the liabilities secured by the relevant
security interests.

The Company also announces that Denis Chatelan, Martin Bachmann and Rune Olav
Pedersen have resigned from the Board of Directors with immediate effect.

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
2025-02-21 07:00 CET.

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639396_Seacrest Petroleo Bermuda Limited- Update on way forward and enforcing value recovery.pdf