Seacrest Petroleo Bermuda announces that late this afternoon, without any prior warning or discussion with the Company, the lenders under its US$300 million Kraken Credit Agreement delivered a notice of acceleration of all indebtedness under the Credit Agreement and immediately enforced a pledge of shares of the Company’s subsidiary Seacrest Petroleo Cricare Bermuda Limited, thereby taking control of the Company’s principal assets and appointing the lenders’ representatives as directors of the Company’s subsidiaries. Jose Cotello, CEO and a director of the Company, resigned as CEO and a director with immediate effect.

As disclosed by the Company in its announcements made on 9 November, 11 December and 23 December 2024, the lenders had previously entered into forbearance agreements with the Company’s subsidiaries in relation to the Credit Agreement and the Company was in active discussions with the lenders regarding the extension of those forbearance arrangements. As disclosed by the Company in its announcement made on 28 November 2024, the Company had also entered into an indicative term sheet with Trafigura regarding a US$140 million prepayment facility.

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