Seacrest Petroleo Bermuda Limited: Disclosure of large shareholding

Reference is made to the announcement published by Seacrest Petroleo Bermuda
Limited (“Seacrest Petroleo”), on 22 February 2023, regarding the completion of
the initial public offering on 21 February 2023 (the “IPO”) and the allocation
of 443,666,666 new shares in Seacrest Petroleo.

As a result of the share capital increase in the IPO, in which Seacrest Partners
III, L.P. (“Seacrest Partners”) did not participate, the ownership of Seacrest
Partners in Seacrest Petroleo was reduced from 32.08% to 9.665% of the total
number of outstanding shares and votes in Seacrest Petroleo. On 21 February
2023, Seacrest Partners also entered into a share lending agreement pursuant to
which it has granted ABG Sundal Collier ASA an option to borrow up to 40,333,333
shares in Seacrest Partners to facilitate settlement in the IPO. In connection
with the share lending, the ownership of Seacrest Partners in Seacrest Petroleo
was reduced from 63,258,199 to 22,924,866, i.e., from 9.665% to 3.503% after the
40,333,333 shares were lent out on 21 February 2023, based on a total of
654,527,864 shares. Thus, Seacrest Partners has fallen below both the 10%
(passively) and 5% ownership thresholds for disclosure.

Erik Tiller and Paul Murray each indirectly owns 50% of Seacrest Partners III GP
Limited, the general partner of Seacrest Partners. Seacrest Partners is
therefore controlled by Erik Tiller and Paul Murray.

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