1. SeaBird Exploration Limited “SBX” Third Quarter 2007

2. Disclaimer  All statements contained in this presentation that are not statements of historical facts, including statements on projected operating results, financial position, business strategy and other plans and objectives for future results, constitute forward-looking statements and are prediction of, or indicate, future events and future trends which do not relate to historical matters.  No person should rely on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in many cases, beyond SeaBird’s control and may cause its actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by the forward-looking statements and from past results, performance or achievements.  These forward-looking statements are made as of the Date of this presentation and are not intended to give any assurance as to future results. None of SeaBird, its employees and representatives assumes any obligation to update these statements.  This presentation includes historical financial data. Your attention is directed to the notes to such data for a description of the accounting principles used to prepare historical data.  This presentation must be viewed only in connection with the separately distributed Q3 07 SeaBird Earnings Release.

3. 3 Q3 2007 –Highlights Consolidated revenues of USD 20.3 million, an increase of 101 % compared to Q3 2006. EBITDA of USD 3.7 million, compared to USD 4.0 million for Q3 2006. Performance for the quarter negatively affected by the previously communicated low vessel utilization of the Geo Mariner and Osprey Explorer. Furthermore, we realized a loss on sale of the Raven Explorer of around USD 1 million. Aquila Explorer, Munin Explorer and Harrier Explorer commenced operation in the period ultimo June to primo September, bringing total vessels in operation to eight by the end of the quarter. SeaBird will be able to take full benefit of the strong market in 2008 with eight vessels operational from Q4 2007 and limited exposure to uncertainty related to conversions and vessel delivery.

4. Health Safety Security Environment & Quality (HSSEQ) Rapid growth and good HSSEQ standards are demanding HSSEQ statistics for Q3 were not satisfactory, but well within acceptable levels for the industry Actions have been taken to get back on track HSSEQ organization has been strengthened in operations Mr Dag Grepperud is appointed new corporate VP HSSEQ

5. 5 Market outlook 2008 appears to be even stronger than 2007 Significant backlog for 2009 starting to build in some areas Continued high activity in the Wide Azimuth market keeps the pressure up on high end 2D and source vessels  SeaBird has taken two vessels out of the source vessel market and into the long offset 2D market Industry consolidation does not solve capacity shortage problems The market is very dynamic with cooperation and consolidation high on the agenda.

6. 6 When will there be an oversupply? Source vessels There are 2 fully fledged source vessels under preparation. Total fleet is expected to be 11 by the end of 2007, -this far from covers market demand. 2D Seismic vessels There are 3 2D vessels under preparation, of which one will be delivered in 2007. Total fleet at the end of 2007 is estimated to 41 vessels. Some 2D vessels are suited as source vessels, and are able to move into the source market. 3D Seismic vessels There are 9 vessels announced for delivery in 2007 and 16 vessels planned for delivery in 2008. Significant delays are expected on a number of these, but the total fleet is expected to reach 74 vessels sometime in 2008/2009. We continue to see no sign of saturation of the market in 2009.

7. 7 Vessel conversions in current market is a challenge Resource constraints in all areas  Yard capacity  Engineering capacity  Steel deliveries  Lead time seismic equipment  Lead time on maritime equipment  Project management resources and quality Will not be easier to add more capacity to the market quickly Conversion cost has increased significantly over the last 18-24 months Delays are unfortunate and unacceptable  But seem to become more a rule rather than an exception

8. 8 SeaBed Azimuth is the name of the game Nodes are the only way to get true azimuth imaging Nodes are a viable alternative to wide-azimuth Increasing interest in the North Sea Significant interest in deep water Bidding several projects where our nodes are the preferred technology Azimuth is the name of the game Nodes are the only way to get true azimuth imaging Nodes are a viable alternative to wide-azimuth Increasing interest in the North Sea Significant interest in deep water Bidding several projects where our nodes are the preferred technology

9.  Improved design  Rated to 3,000 m depth  500 new nodes delivered CASE Abyss

10. 10 Fleet – seismic vessels M/v Northern Explorer Converted for seismic operation in: 1998 Upgraded: 2005 Seismic: 2D Ownership: SeaBird Contracts: GXT until mid/late February 2008 M/v Geo Mariner Converted for seismic operation in: 1997 Upgraded: 2001/2004 Seismic: 2D/3D Shallow Water Vessel Ownership: SeaBird Contract: String of short term contracts in East Africa M/v Hawk Explorer Converted for seismic operation in: 2006 Seismic: 2D Ownership: Bareboat with purchase option (finance lease) Contract: Fugro from delivery to October 2008 with a 1 year option

11. 11 Fleet – source vessels M/v Osprey Explorer Converted for seismic operation in: October 2006 Seismic: Source/2D Ownership: SeaBird Contracts: short term contract in Bangladesh M/v Kondor Explorer Converted for seismic operation in: 1997 Seismic: Source Ownership: Bareboat (right of first refusal) Contracts: WAZ for CGGVeritas in US Gulf trough February 2008. M/v Harrier Explorer Converted for seismic operation in: September 2007 Seismic: Source/2D Ownership: SeaBird Contracts: 4 years to PGS + options

12. 12 Fleet – cont’d M/v Aquila Explorer Converted for seismic operation in: June 2007 Seismic: Source/2D Ownership: SeaBird Contract: 6 months + 2 x 6 months options to PGS from delivery. M/v Hugin Explorer Converted for seismic operation in: Q1 2008 Seismic: OBS Nodes Ownership: Siem Offshore 5 years B/B + Opts M/v Munin Explorer Converted for seismic operation in: August 2007 Seismic: 2D/source Ownership: 5 years B/B w/ purchase option Contract: ONGC until end Q1 2008

13. 13 Vessel backlog

14. Consolidated Income Statement

15. Sequential Development

16. EBITDA Margins

17. Opex development

18. Consolidated Balance Sheet

19. Consolidated Cash Flow

20. A bit of growing pains.. Critical mass – Less impact on earnings with lower utilization of one vessel with 8 (9) vessel fleet Less exposure to the short term market – Still pursuing oil company work, but focus on longer contracts/larger programs Investor Relations – Better visibility through reporting vessel utilization at the end of each quarter Marketing/business development – Strengthened significantly – Singapore marketing/representation office established Accounting/Reporting/Finance – New key finance personnel – E&Y task force

21. Outlook Strong demand within all segments of the seismic industry with a significant part of capacity already contracted 2D rates now exceeding the source-vessel market and ”stealing” capacity New advanced 3D vessels are entering the market, -some of which are targeting WAZ surveys and will need source vessels Hugin Explorer with 500 new deep water nodes ready from Q2 08 We expect significant growth in revenues and earnings in the last quarter of 2007:  Revenues expected to be in the range of USD 95-100 million for the the year  EBITDA expected to be in the range of USD 30-33 million for the year Total CAPEX expected to be in the range of USD 125-130 million for the year 21

22. 22 For further questions contact CEO Dag Reynolds E-mail: dag.reynolds@sbexp.comdag.reynolds@sbexp.com Ph. (47)908 83737 Or CFO Geir Olsen E-mail: geir.olsen@sbexp.comgeir.olsen@sbexp.com Ph.(47)916 39367